--- title: "New Mexico Property Tax Calculator (0.63% Effective Rate) | TaxWren" description: "New Mexico homeowners pay a median $1,776 a year in property tax on a median home value of $279,900, an effective rate of 0.63%: the 17th lowest of the 50 states and DC and 29% below the US rate of 0.89%. Estimate the property tax on any New Mexico home." url: https://taxwren.com/property-tax-calculator/new-mexico --- 2026 tax year ยท updated Oct 15, 2026 # New Mexico property tax calculator New Mexico homeowners pay a median $1,776 a year in property tax on a median home value of $279,900, an effective rate of 0.63%: the 17th lowest of the 50 states and DC and 29% below the US rate of 0.89%. ## Estimated property tax per year $1,776 $148 a month at 0.6345% - Median tax paid in New Mexico: $1,776 - Median home value there: $279,900 - Same home at the US rate (0.8905%): $2,493 Before exemptions such as a homestead exemption. Rates from the American Community Survey 2024 1-year estimates. ## New Mexico property tax by home value At the statewide effective rate of 0.63%, compared with the same home at the US rate. | Home value | Per year | Per month | At the US rate | | --- | --- | --- | --- | | $200,000 | $1,269 | $106 | $1,781 | | $300,000 | $1,904 | $159 | $2,672 | | $400,000 | $2,538 | $212 | $3,562 | | $500,000 | $3,173 | $264 | $4,453 | | $750,000 | $4,759 | $397 | $6,679 | | $1,000,000 | $6,345 | $529 | $8,905 | ## New Mexico vs. neighboring states | State | Effective rate | Median tax | Median home value | | --- | --- | --- | --- | | [Texas](/property-tax-calculator/texas) | 1.31% | $4,108 | $313,200 | | [Oklahoma](/property-tax-calculator/oklahoma) | 0.75% | $1,672 | $222,100 | | New Mexico | 0.63% | $1,776 | $279,900 | | [Colorado](/property-tax-calculator/colorado) | 0.49% | $2,828 | $574,600 | | [Arizona](/property-tax-calculator/arizona) | 0.43% | $1,828 | $426,000 | ## What New Mexico homeowners pay - Median yearly property tax: $1,776 (41st highest of 51); $2,153 for homes with a mortgage and $1,356 for homes without one. - Median value of an owner-occupied home: $279,900, so a typical home pays about $148 a month. - 608,986 owner-occupied homes in the survey estimate. - Other taxes: see the [New Mexico income tax calculator](/income-tax-calculator/new-mexico); sales tax averages 7.68% with local taxes ([New Mexico sales tax calculator](/sales-tax-calculator/new-mexico)). These are statewide medians. Your county, city and school district set the rates on your bill, and exemptions (such as a homestead exemption for your main home, or for seniors and veterans) can lower it. Check with your county assessor and the [New Mexico revenue department](https://www.tax.newmexico.gov) for the rules that apply to you. Source: [US Census Bureau, American Community Survey](https://www2.census.gov/programs-surveys/acs/summary_file/2024/table-based-SF/data/1YRData/acsdt1y2024-b25103.dat), American Community Survey 2024 1-year estimates (tables B25103 and B25077, owner-occupied homes). See our [methodology](/methodology). ## New Mexico property tax FAQ ### What is the property tax rate in New Mexico? The effective rate is 0.63% of home value: the median tax paid ($1,776) divided by the median home value ($279,900), from the American Community Survey 2024 1-year estimates. Actual rates are set by counties, cities and school districts and vary within the state. ### How much is property tax on a $300,000 house in New Mexico? About $1,904 a year ($159 a month) at the statewide effective rate, before any exemptions you qualify for. ### Does New Mexico have high property taxes? New Mexico has the 17th lowest effective property tax rate of the 50 states and DC (rank 35 of 51, 1 = highest) and the 41st highest median bill. ### Can I deduct New Mexico property tax? On your federal return, yes, if you itemize: property tax counts toward the state and local tax (SALT) deduction, capped at $40,400 for 2026 together with your state income or sales tax. More for New Mexico - [New Mexico paycheck calculator](/take-home-pay-calculator/new-mexico) - [New Mexico income tax calculator](/income-tax-calculator/new-mexico) - [New Mexico sales tax calculator](/sales-tax-calculator/new-mexico) - [Property tax in every state](/property-tax-calculator)