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How Much is Property Tax on a $1,000,000 Home in New Mexico?
Property tax on a $1,000,000 home in New Mexico typically ranges from $3,000 to $12,000 per year (roughly $250 to $1,000/month), depending on the county. Based on the statewide average effective rate of 0.67%, you can expect to pay around $6,700/year, or $558/month. New Mexico has relatively low property taxes; residential property is assessed at a fraction of market value, and there are annual assessment increase limitations.