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How Much is Property Tax on a $700,000 Home in New Mexico?
Property tax on a $700,000 home in New Mexico typically ranges from $2,100 to $8,400 per year (roughly $175 to $700/month), depending on the county. Based on the statewide average effective rate of 0.67%, you can expect to pay around $4,690/year, or $391/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.