How New Mexico property tax works
New Mexico taxes one-third of a home's market value. Rates are in mills, dollars per $1,000 of that taxable value, and are set each year by the state Department of Finance and Administration. A 30-mill rate is about 1% of market value.
A home's value for tax purposes can't rise more than 3% a year (or 6.1% over two years) while you own it. The cap resets when the home sells, which is why new buyers often pay much more than long-time neighbors.
2025 residential tax rates by city
Rates inside each city for tax year 2025 (bills due November 2025 and April 2026). The tax columns are for a $350,000 home: taxable value $116,667, with and without the $2,000 head-of-family exemption.
| City | County | Mills | Tax | With head-of-family exemption | Effective rate |
|---|---|---|---|---|---|
| Albuquerque | Bernalillo | 48.323 | $5,638 | $5,541 | 1.61% |
| Rio Rancho | Sandoval | 34.896 | $4,071 | $4,001 | 1.16% |
| Gallup | McKinley | 34.384 | $4,011 | $3,943 | 1.15% |
| Las Cruces | Doña Ana | 30.287 | $3,533 | $3,473 | 1.01% |
| Hobbs | Lea | 26.989 | $3,149 | $3,095 | 0.90% |
| Roswell | Chaves | 26.153 | $3,051 | $2,999 | 0.87% |
| Alamogordo | Otero | 25.519 | $2,977 | $2,926 | 0.85% |
| Carlsbad | Eddy | 25.382 | $2,961 | $2,910 | 0.85% |
| Clovis | Curry | 25.267 | $2,948 | $2,897 | 0.84% |
| Los Alamos | Los Alamos | 23.737 | $2,769 | $2,722 | 0.79% |
| Farmington | San Juan | 23.574 | $2,750 | $2,703 | 0.79% |
| Santa Fe | Santa Fe | 22.772 | $2,657 | $2,611 | 0.76% |
Albuquerque's 48.323 mills is the highest residential rate in the state. The lowest is 10.318 mills in an unincorporated part of Chaves County, and the statewide median is 24.18.
Santa Fe's low rate doesn't mean low bills. Home values there are among the highest in the state, so a typical bill is still substantial.
Exemptions
- Head of family: $2,000 off taxable value, worth about $45 to $100 a year depending on your rate. Claim it once with your county assessor.
- Veterans: from tax year 2025 the veterans exemption rose to $10,000 of taxable value (from $4,000), and it's adjusted for inflation each year. In Albuquerque that's worth about $480 a year. From 2026, partially disabled veterans get an additional exemption prorated by their disability rating, and 100% disabled veterans are fully exempt. See veterans exemptions by state.
- 65+ or disabled valuation freeze: if your income was $42,900 or less (tax year 2025 limit), your home's value is frozen. Apply within 30 days of the notice of value; after three straight years it renews automatically. See senior freezes by state.
Deadlines and protests
- Payments: half due November 10 (delinquent after December 10) and half due April 10 (delinquent after May 10).
- Protests: file within 30 days of the date your county assessor mailed the notice of value, usually in April (some counties mail later). See our appeal guide.
Where these numbers come from
Rates are from the New Mexico Department of Finance and Administration's Property Tax Facts for Tax Year 2025 (Table 17, property tax rates by location). Valuation rules are from the Taxation and Revenue Department's Property Tax Code, the veterans exemption change from its August 2026 release, and the senior freeze income limit from PTD Order 24-36. The $350,000 examples are our calculations. For ZIP-level data, start from our New Mexico page.