New Mexico

New Mexico has an effective property tax rate of 0.67%, with a median annual property tax of $1,530. Properties are assessed at 33.33% of market value and reassessed annual (property valued every year based on comparable sales). Payments are due semi-annual.

Effective Rate

0.67%

Assessment Ratio

33.3%

Median Annual Tax

$1,530

Payment Frequency

Semi-Annual

Appeal Deadline

Within 30 days of assessment notice (typically by April or May) to County Valuation Protest Board

Due Dates

First half due November 10; second half due April 10. Full payment option by November 10.

Reassessment Cycle

Annual (property valued every year based on comparable sales)

Homestead Exception

Head of household exemption: $2,000 off taxable value. Veterans: additional $4,000. Disabled veterans: up to full exemption. 100% disabled veterans exempt from property tax.

Key Notes

Assessment ratio is 33.33% of market value. Yield control limits keep revenue growth in check. One-third value assessment combined with moderate mill rates produces relatively low effective rates. Low property values also keep bills modest.

Late Penalty

1% per month penalty plus 1% per month interest on delinquent taxes (total 2% per month, 24% annually)

Back to US Property Tax Guide