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How Much is Property Tax on a $500,000 Home in New Mexico?
Property tax on a $500,000 home in New Mexico typically ranges from $1,500 to $6,000 per year (roughly $125 to $500/month), depending on the county. Based on the statewide average effective rate of 0.67%, you can expect to pay around $3,350/year, or $279/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.