New Mexico Property Tax Calculator (2026)
The New Mexico median effective property tax rate is 0.7% for 2026 — median real-estate taxes paid divided by median home value (U.S. Census Bureau ACS 2024). On a $400,000 home that is about $2,800 a year (~$233 a month). New Mexico ranks #34 of 51 nationally. Enter your home value below for an instant estimate, then confirm the exact rate with your county.
What is the New Mexico property tax rate in 2026?
New Mexico's median effective property tax rate is 0.7%. On the state median home value of $248,100, the typical bill is about $1,731 a year.
How much is property tax on a $400,000 home in New Mexico?
About $2,800 a year, or roughly $233 a month, at the 0.7% median effective rate.
Where does New Mexico rank nationally?
New Mexico ranks #34 of 51 by median effective rate (1 = highest), near the middle of the national range. That is 0.24% below the 0.94% US average.
Is this my exact property tax bill?
No. Your county sets the millage and assessed value. This uses the state median; homestead, senior, and veteran exemptions can lower your bill.
How does property tax work in New Mexico?
New Mexico property tax is set locally, not by the state. Your county assessor values your home, then applies a local millage (tax) rate. Cities, school districts, and special districts each add a share.
Because rates vary by county, this page uses the New Mexico median effective rate of 0.7%. That is the median tax paid divided by the median home value, from the U.S. Census Bureau (ACS 2024). It is a benchmark, not your exact bill.
How much is property tax on a home in New Mexico?
| Home value | Rate (0.7%) | Annual tax | Monthly |
|---|---|---|---|
| $200,000 | 0.7% | $1,400 | $117 |
| $400,000 | 0.7% | $2,800 | $233 |
| $248,100 (state median) | 0.7% | $1,731 | $144 |
| $750,000 | 0.7% | $5,250 | $438 |
How do you calculate New Mexico property tax by hand?
- Find your home's assessed value on your county notice.
- Apply your county's assessment ratio if it uses one.
- Multiply the taxable value by the local millage (tax) rate.
- For a quick estimate, multiply your home value by 0.7% (the New Mexico median effective rate).
What exemptions can lower your New Mexico property tax?
Most counties offer a homestead exemption on your primary home. Many add relief for seniors, veterans, and people with disabilities. These lower your taxable value, so your real rate is often below the median.
Rules and amounts vary by county and change over time. Check your county assessor for the exemptions you qualify for before relying on a figure.
Why is your actual New Mexico bill different from this estimate?
Three things move your bill away from the state median. Your county rate may be higher or lower than the median. Your assessed value can lag the market. And exemptions reduce the taxable amount.
Use this page to budget and compare. For the exact number, use your latest assessment notice and your county's current millage rate.
How does property tax vary by county in New Mexico?
Property tax in New Mexico is set and collected at the county level, so your rate depends on where you live. Across New Mexico's 33 counties, the effective rate ranges from 0.22% in Rio Arriba County to 0.85% in Bernalillo County. The table lists every county's effective rate, median home value, and median tax paid (U.S. Census Bureau ACS 2024).
| County | Effective rate | Median home value | Median tax |
|---|---|---|---|
| Bernalillo County | 0.85% | $292,900 | $2,629 |
| Catron County | 0.27% | $167,000 | $608 |
| Chaves County | 0.61% | $156,400 | $935 |
| Cibola County | 0.47% | $125,400 | $1,003 |
| Colfax County | 0.51% | $167,200 | $867 |
| Curry County | 0.64% | $171,200 | $1,017 |
| De Baca County | 0.55% | $187,500 | $1,118 |
| Doña Ana County | 0.64% | $220,800 | $1,480 |
| Eddy County | 0.45% | $212,600 | $1,095 |
| Grant County | 0.38% | $175,600 | $808 |
| Guadalupe County | 0.55% | $110,000 | $526 |
| Harding County | 0.27% | $70,000 | $305 |
| Hidalgo County | 0.48% | $111,000 | $531 |
| Lea County | 0.52% | $184,000 | $879 |
| Lincoln County | 0.54% | $233,200 | $1,246 |
| Los Alamos County | 0.56% | $495,800 | $2,717 |
| Luna County | 0.55% | $128,000 | $687 |
| McKinley County | 0.35% | $78,700 | $1,574 |
| Mora County | 0.5% | $122,600 | $885 |
| Otero County | 0.56% | $162,700 | $902 |
| Quay County | 0.54% | $87,200 | $532 |
| Rio Arriba County | 0.22% | $243,700 | $1,021 |
| Roosevelt County | 0.6% | $135,800 | $616 |
| San Juan County | 0.52% | $193,800 | $1,317 |
| San Miguel County | 0.47% | $188,500 | $1,081 |
| Sandoval County | 0.66% | $313,800 | $2,296 |
| Santa Fe County | 0.45% | $446,300 | $2,152 |
| Sierra County | 0.57% | $152,600 | $789 |
| Socorro County | 0.58% | $137,500 | $838 |
| Taos County | 0.34% | $382,800 | $1,129 |
| Torrance County | 0.45% | $159,700 | $719 |
| Union County | 0.3% | $122,700 | $859 |
| Valencia County | 0.57% | $223,000 | $1,374 |