New Mexico variant. This is a New Mexico-specific version of the Property Tax Calculator, using pre-defined local figures (tax rates, median home and income values, and typical regional costs). For the full formula, methodology, and FAQ, open the main Property Tax Calculator.
New Mexico's effective property tax rate of 0.8% means the owner of a median $295,000 home pays roughly $2,360 per year - a figure that varies widely by state.
How New Mexico property tax is calculated
Property tax = assessed value × local millage rate. The 0.8% effective rate shown here is the statewide average of tax paid relative to market value, which smooths over county-by-county differences.
On the $295,000 New Mexico median home, that works out to about $2,360/year or $197/month - often escrowed into your mortgage payment.
About taxes and housing in New Mexico
New Mexico levies a graduated income tax with a top marginal rate near 5.9%.
New Mexico has a relatively low effective property tax rate around 0.80%, with median home values near $295,000.
New Mexico's economy is supported by oil and gas production, federal research laboratories, and tourism.
Worked example: tax on a $295,000 home
$295,000 × 0.8% = $2,360 per year. A $500,000 home in New Mexico would owe about $4,000 annually at the same effective rate.
Quick reference
- State income tax: 1.7-5.9% across 5 brackets
- State sales tax: 4.875% (plus 2.79% avg local)
- Median home value: $295,000
- Median household income: $58,722
- Effective property tax rate: 0.8%
- Avg auto insurance: $1,531/yr
Frequently Asked Questions
What is the property tax rate in New Mexico?
New Mexico's effective property tax rate averages 0.8% of market value per year.
How much property tax on a $295,000 home in New Mexico?
About $2,360 per year at the 0.8% effective rate.