New Mexico Property Tax Calculator
Estimate your annual property taxes in New Mexico. Calculate assessed value and apply New Mexico average millage rates.
Why calculating finance in New Mexico is different
New Mexico has a progressive income tax system.
State Income Tax
1.7% - 5.9%
Base Sales Tax
5.125%
State Min Wage
$12.00 / hr
Abbreviation
NM
New Mexico Finance Interactive Tool
This calculator uses the latest 2026 data for New Mexico, including the minimum wage of $12.00 and the specific state income tax rates (1.7% - 5.9%).
Frequently Asked Questions about New Mexico Finance
How are property taxes assessed in New Mexico?
Property taxes in New Mexico are generally assessed at the local county or municipal level based on the fair market value of the property, multiplied by the local millage or tax rate.
Are there property tax exemptions in New Mexico?
Yes, New Mexico often provides homestead exemptions for primary residences, as well as specific exemptions for seniors, veterans, and individuals with disabilities, which can significantly lower your tax bill.