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How Much is Property Tax on a $550,000 Home in New Mexico?
Property tax on a $550,000 home in New Mexico typically ranges from $1,650 to $6,600 per year (roughly $138 to $550/month), depending on the county. Based on the statewide average effective rate of 0.67%, you can expect to pay around $3,685/year, or $307/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.