New Mexico · Property Tax & Closing Costs
New Mexico property tax by county
Property tax rates, median home values, and closing cost estimates for all 33 counties in New Mexico. The average effective rate across the state is 0.60%, ranking New Mexico 36 of 51 (below-average property taxes). Data is sourced from the US Census Bureau American Community Survey 2024 5-year estimates.
Average rate
0.60%
across 33 counties
National rank
#36
of 51, highest rate first
Median home value
$167,200
county median in state
Rate range
0.29%–2.00%
Taos County → McKinley County
Same home, different county
On a $167,200 home (the typical county median in New Mexico), the annual property tax bill depends heavily on where you buy:
Difference
$2,851/yr
$238/mo · $28,508 over 10 years
Estimate: purchase price × each county's effective rate. Actual bills depend on assessed value, local levies, and exemptions.
Lowest property tax rates in New Mexico
The five New Mexico counties with the lowest effective property tax rates, useful for buyers comparing total cost of ownership across the state.
| County | Rate |
|---|---|
| Taos County | 0.29% |
| Catron County | 0.36% |
| Rio Arriba County | 0.42% |
| Harding County | 0.44% |
| Torrance County | 0.45% |
Highest property tax rates in New Mexico
The five New Mexicocounties with the highest effective property tax rates. High rates often reflect strong school district funding or municipal services rather than weakness, but they materially change a buyer's monthly carrying cost.
| County | Rate |
|---|---|
| McKinley County | 2.00% |
| Bernalillo County | 0.90% |
| Cibola County | 0.80% |
| Sandoval County | 0.73% |
| Mora County | 0.72% |
New Mexico real estate transfer tax
New Mexico does not charge a state real estate transfer tax, so buyers and sellers avoid a cost that adds thousands of dollars at closing in many other states.
Official New Mexico source → · Verified April 2026
Closing costs in New Mexico
Across New Mexico's 33 counties, buyer closing costs run $2,397 to $9,676 at each county's median home value with 20% down. Cash needed at closing, with closing costs and the down payment, runs $16,397 to $108,836. Pick your county for your own figures.
New Mexico closing cost calculatorNew Mexico property tax exemptions
Ways buyers in New Mexico may reduce their annual property tax. These programs apply statewide; verify county specifics with your local assessor.
Head of Family Exemption
Up to $2,000 off taxable value of residential property owned by the head of a family who is a New Mexico resident. One-time application.
View official source →Veterans Exemption
$10,000 exemption for honorably discharged veterans (or widows/widowers). Increased from $4,000 in tax year 2024 and adjusted annually for inflation.
View official source →Low-Income Value Freeze
Residents 65+ or disabled with 2025 combined Modified Gross Income under $44,200 may apply to freeze the valuation of their primary residence. Becomes permanent after 3 consecutive years of approval.
View official source →3% Residential Valuation Limitation
Residential value increases are capped at 3% a year for an owner-occupied primary residence. A change of ownership resets the value to current market value.
View official source →Last verified April 2026. Exemption amounts and eligibility change frequently. Always confirm with your county assessor before claiming.
All 33 counties in New Mexico
Effective property tax rate, median home value, and median annual taxes paid for every county in New Mexico. Click a county to open its full property tax calculator and closing cost breakdown.
| County | Rate |
|---|---|
| Bernalillo County | 0.90% |
| Catron County | 0.36% |
| Chaves County | 0.60% |
| Cibola County | 0.80% |
| Colfax County | 0.52% |
| Curry County | 0.59% |
| De Baca County | 0.60% |
| Doña Ana County | 0.67% |
| Eddy County | 0.52% |
| Grant County | 0.46% |
| Guadalupe County | 0.48% |
| Harding County | 0.44% |
| Hidalgo County | 0.48% |
| Lea County | 0.48% |
| Lincoln County | 0.53% |
| Los Alamos County | 0.55% |
| Luna County | 0.54% |
| McKinley County | 2.00% |
| Mora County | 0.72% |
| Otero County | 0.55% |
| Quay County | 0.61% |
| Rio Arriba County | 0.42% |
| Roosevelt County | 0.45% |
| San Juan County | 0.68% |
| San Miguel County | 0.57% |
| Sandoval County | 0.73% |
| Santa Fe County | 0.48% |
| Sierra County | 0.52% |
| Socorro County | 0.61% |
| Taos County | 0.29% |
| Torrance County | 0.45% |
| Union County | 0.70% |
| Valencia County | 0.62% |
Source: US Census Bureau American Community Survey 2024 5-year estimates, tables B25077 (median home value) and B25103 (median real estate taxes paid). Effective rate is computed as median taxes paid divided by median home value at the county level and represents the typical owner-occupied home. Actual bills vary by purchase price, exemptions, and special assessments.