What is the property tax rate in New Mexico?

The effective rate on owner-occupied homes is 0.55% of market value, from the Lincoln Institute 50-State Property Tax Comparison Study and Tax Foundation data for tax year 2023. Your county and city set the actual bill.

Does New Mexico have a state income tax?

Graduated: 1.50% to 5.90% (top rate above $210,000, single). Rates are the Tax Foundation table as of January 1, 2025.

New Mexico taxes at a glance

Q: What is the vehicle sales tax in New Mexico?

4% motor vehicle excise tax. Trade-in credit: Yes.

Property, income and vehicle taxes side by side, plus what a typical mortgage costs here this week. Rates from the Tax Foundation and Lincoln Institute; mortgage rate from Freddie Mac via FRED.

Property tax

0.55%

effective rate on owner-occupied homes, 2023 · rank 38 of 50 (1 = highest)

On a $400,000 home that is about $2,200 a year, or $183 a month in escrow.

Income tax

5.90% top

Graduated: 1.50% to 5.90% (top rate above $210,000, single) · 2025

Graduated states tax the first dollars at the low rate; your effective rate is well under the top rate unless you earn above the threshold.

What a $400,000 home costs here this week 20% down, 30-year fixed at 7.32% (Freddie Mac, 2026-10-22)

$2,198principal & interest

$183property tax (escrow)

$2,382before insurance & HOA

7.54%60-month new-car loan (banks, 2026-08)

Mortgage calculator Rent vs buy Car payment

Vehicle sales tax

4% motor vehicle excise tax · trade-in credit: Yes. Full table with doc-fee caps: car sales tax by state.

Sources: property tax: Lincoln Institute of Land Policy 50-State Property Tax Comparison Study and Tax Foundation, tax year 2023. Income tax: Tax Foundation, State Individual Income Tax Rates and Brackets, 2025. Vehicle sales tax: state revenue departments (see the table). Mortgage rate: Freddie Mac PMMS via FRED MORTGAGE30US, 2026-10-22. Local rates, exemptions (homestead, senior, veteran) and county add-ons change the real bill.

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