Property Tax Due Dates in New Mexico

New Mexico property taxes are administered at the county level. Property is assessed at one-third (33.33%) of its market value — the lowest assessment ratio in the country. This means a $300,000 home has an assessed value of only $100,000 before exemptions. New Mexico's low assessment ratio combined with moderate mill rates results in effective property tax rates among the lowest in the western United States. Tax bills are mailed in the fall and due in two installments.

New Mexico property taxes are paid in two equal installments: First half: Due November 10 Second half: Due April 10 of the following year A 1% per month penalty applies to late payments. Most counties offer online payment. Contact your county treasurer for payment options.

New Mexico property tax relief programs: Head-of-Family Exemption — New Mexico residents who are the head of a family and use the property as their primary residence receive a $2,000 reduction in assessed value. Apply with your county assessor. Veteran Exemption — Qualifying veterans receive a $4,000 reduction in assessed value. Disabled veterans may qualify for larger exemptions. Apply with your county assessor. Low-Income Senior Valuation Freeze — Qualifying homeowners 65 or older who have owned and occupied their primary residence for at least one year, with income under $32,000, may freeze their assessed value at the current year's level. Apply with your county assessor. Property Tax Rebate — Low-income New Mexico residents may qualify for a rebate of property taxes through the state income tax return.

New Mexico property tax appeals go to the county Valuation Protest Board: Deadline: File a protest with the county assessor by June 1 of the tax year. Process: The county Valuation Protest Board hears your case. Present evidence that the market value is lower than the county determined — comparable sales or an appraisal. Further appeal: Appeal Valuation Protest Board decisions to the New Mexico Court of Appeals.