Property tax in New Mexico
The effective rate is about 0.63% of the home's value a year (Tax Foundation, 2024). On a $400,000 home that is about $2,520 a year (our calculation). Rates vary a lot by county and town.
Property tax
0.63%
of home value a year
Tax on a $400,000 home
$2,520
A month
$210
Rank
18 of 51
1 = lowest
| State | Property tax | Rank |
|---|---|---|
| District of Columbia | 0.60% | 16 |
| Montana | 0.61% | 17 |
| New Mexico | 0.63% | 18 |
| North Carolina | 0.66% | 19 |
| California | 0.70% | 20 |
Common questions
What is the property tax rate in New Mexico?
The effective rate is about 0.63% of the home's value a year (Tax Foundation, 2024). On a $400,000 home that is about $2,520 a year (our calculation). Rates vary a lot by county and town.
Does New Mexico have high property taxes?
New Mexico ranks 18 of 51 (1 = lowest effective rate), based on Tax Foundation's 2024 figures.
See the full monthly cost of a home with the mortgage calculator.
More for New Mexico: monthly budget · take-home pay · rent.