Sheet NM · 2026 rules
New Mexico Property Tax Calculator
New Mexico taxes one-third of a home's assessed value at the mill levies certified for its tax district. Albuquerque's 2026 residential total is 48.313 mills, so a $300,000 home with the $2,000 head-of-family exemption owes about $4,734.67. Your valuation notice shows full value and net taxable value; the treasurer bills the net taxable value, so do not enter one in place of the other.
Rules verified 14 primary sources Editorial policy
Estimate your 2026 New Mexico bill
- Tax — Local ad valorem levies —
- Credits subtracted —
- Fixed charges added —
How New Mexico turns value into a tax bill
| Step | New Mexico rule | Source |
|---|---|---|
| Value | Use the valuation for the assessment year shown on your notice. Exemptions, rate units and levy classifications below must match that same notice. | [1] |
| Assessment | 33.3333% of assessor’s residential full value | [1] |
| Annual limit | Approved unchanged residential valuation: at most 103% of last year (statute also allows up to 106.1% of the value two years earlier; use the assessor’s figure when that applies)Transfers,classification changes,new improvements and newly assessed property have exceptions. Use the current approved value when the assessor determines areset or an exception. | [2] |
| Exemption | Approved head-of-family exemption: $2,000 off assessed value; all levies.Select only if approved for this assessment year; do not deduct an amount already included in the value you enter. | [1] |
| Rate | Local ad valorem levies: local rate — you enter it.Local ad valorem levies from the applicable taxing authority. The rate is not a Census ratio. |
How New Mexico values, limits, exempts and collects residential tax
Property is valued as of January 1 each year, and owners must report changes in value from the prior year by the last day of February.1 The county assessor must mail a notice of valuation by April 1.4 It shows full value and net taxable value, and the net taxable value is what the county treasurer’s later tax bill is based on.1 Mailing dates can slip. Santa Fe County mailed its 2026 notices on May 1, 2026.13
Taxable value is the assessor’s value divided by three.4 For a continuing owner, a home’s value cannot rise above the higher of 103% of last year’s value or 106.1% of the value two years earlier.4 The limit does not cover new physical improvements, other than solar energy installations.4 It also does not apply in the tax year after a change of ownership.4 After a sale the home is revalued at market value, and the 3% limit restarts from that new value.2
Exemptions come off taxable value, after the one-third step. The head-of-family exemption is $2,000.43 The veteran exemption was $10,000 for tax year 2025, and from 2026 it is $10,000 adjusted for inflation.5 The Taxation and Revenue Department publishes each year’s adjusted amount to assessors by December 1 of the prior year.5 A disabled veteran’s principal residence is exempt by the veteran’s federal disability percentage, applied to the taxable value left after the veteran exemption.6 From March through June 2026, 7,096 partially disabled veterans received the new exemption.7 Exemptions must be claimed within 30 days after the assessor mails the notices of valuation.6
Owners who are 65 or older, or disabled, can have the value of their owner-occupied single-family home frozen. For tax year 2026, modified gross income must not exceed $44,2008, measured on 2025 income.9 The application is due within 30 days after the notice of valuation is mailed.8
To protest a value, classification, exemption denial or limitation, file a petition with the county assessor generally within 30 days after the notice of valuation is mailed.6 Cases not settled at an informal conference go to the three-member county valuation protests board.10 You can appeal the board’s order to district court within 30 days.10 Alternatively, you can pay the tax and file a claim for refund.6
Bills of $10 or more are payable in two equal installments, due November 10 and April 10 of the following year.4 Interest of 1% a month starts if a payment is more than 30 days late4, plus a penalty of 1% a month capped at 5%.4
Income-tax rebates offset part of the bill. Residents 65 or older with modified gross income of $16,000 or less can get up to $250 back on 2025 property tax.11 Counties may also adopt a low-income rebate12. On 2025 returns it pays up to $350 to residents of Los Alamos, Santa Fe, Doña Ana or Bernalillo County with income of $24,000 or less.11
The Department of Finance and Administration certifies each tax district's rates every year. For tax year 2026, a residential property inside Albuquerque (Bernalillo County district 12 IN R) carries 48.313 mills: 1.360 state, 8.316 county, 11.072 city, 10.348 Albuquerque Public Schools, 3.690 CNM college, 6.363 UNM Hospital and 7.164 for flood control, soil and water and the Middle Rio Grande Conservancy District14. On a $300,000 assessor's value that is $100,000 taxable, $98,000 after the head-of-family exemption, and $4,734.67 for the year144. Non-residential property in the same city carries 55.400 mills14.
Worked example
Approved full valuation $300,000÷3=$100,000 taxable before exemptions; approved head-of-family $2,000 leaves $98,000 net taxable;30 mills=$2,940. The current notice’snettaxablevalue must not be divided by 3 again.
| Line | Taxable value | Tax |
|---|---|---|
| Local ad valorem levies at 30 mills | $98,000.00 | $2,940.00 |
| Annual total | $2,940.00 |
Left to your local bill
- The inflation-adjusted veteran exemption for tax year 2026 and later ($10,000 base, NMSA 7-37-5). The Taxation and Revenue Department sends the current amount to county assessors, and it appears on your notice of value.
- The disabled veteran exemption (your VA disability percentage times taxable value after the veteran exemption, on your principal residence). It needs a certificate of eligibility from the NM Department of Veterans’ Services, filed with the county assessor.
- The 65+/disabled valuation freeze (NMSA 7-36-21.3), for modified gross income up to $44,200 for tax year 2026. The county assessor approves it, and a frozen value replaces the 3% limitation entirely.
- Tax rates (mills per $1,000 of net taxable value), which vary by tax district. The Department of Finance and Administration certifies them each year by county, and your county treasurer bills them.
- PIT-RC income-tax rebates: up to $250 for residents 65+ with income up to $16,000, and up to $350 in counties with a low-income rebate ordinance. They are claimed on the state income-tax return, not on the property tax bill.
- Late-payment interest (1% a month after 30 days) and penalties (1% a month, up to 5%, $5 minimum), plus special benefit assessments and county administrative fees that the treasurer adds to the bill.
Census context, not a rate
American Community Survey 2020–2024: median owner-occupied value $248,100 (±$1,957), median real-estate taxes $1,731 (±$19). Dividing one by the other gives 0.70% for New Mexico. Tables B25077 and B25103; why it is only context.
Sources
- tax.newmexico.govNew Mexico Taxation and Revenue Department: Property Tax, read .
“The notice informs homeowners of the full value and net taxable value of their property for that year. The net taxable value on the notice is the basis of a tax bill mailed from the county treasurer’s office later in the year. … to declare no later than the last day of February of each year certain changes in value of their property occurring within the prior calendar year. Property is valued as of January 1 of each year.”
- santafecountynm.govSanta Fe County Assessor: FAQs, “What is the 3% Cap?”, read .
“However, if a property is sold, the previous owner’s 3% cap is removed, and the property is reassessed at market value. The new owner will be taxed based on the new market value, and the 3% cap will then apply to the reassessed value moving forward.”
- santafecountynm.govSanta Fe County Assessor: Head-of-Family Exemption 7-37-4, read .
“This exemption is a two thousand dollars ($2,000) reduction of the taxable value of residential property subject to the tax if the property is owned by the head of a family who is a New Mexico resident.”
- tax.newmexico.govNMSA 1978 § 7-37-3 and 3.6.6.10 NMAC, TRD Property Tax Code compilation, read .
“The tax ratio is applied to the value of property determined for property taxation purposes by dividing that value by three (3). The quotient resulting from this division is the “taxable value” of the property. … the value of a property in any tax year shall not exceed the higher of one hundred three percent of the value in the tax year prior to the tax year in which the property is being valued or one hundred six and one-tenth percent of the value in the tax year two years prior”
- nmlegis.govLaws 2025, HB 47, read .
“for tax year 2025, ten thousand dollars ($10,000); and (3) for tax year 2026 and subsequent tax years, the amount provided in Paragraph (2) of this subsection, adjusted for inflation pursuant to Subsection C of this section. … The department shall publish annually the amount determined by the calculation made pursuant to Subsection C of this section and provide the calculated amount to each county assessor no later than December 1 of the prior tax year.”
- nmlegis.govLaws 2026, HB 285, read .
“is exempt from property taxation in an amount equal to the percentage of the veteran's disability as determined by federal law multiplied by the taxable value of the property after the amount that may be exempted pursuant to Section 7-37-5 NMSA 1978 is deducted … shall be applied for no later than thirty days after the mailing of the county assessor's notices of valuation pursuant to Section 7-38-20 NMSA 1978 in order for it to be allowed for that tax year.”
- dvs.nm.govNM Department of Veterans’ Services and TRD joint press release, August 13, 2026, read .
“From March through June, 7,096 partially disabled veterans received property tax exemptions, due to a Constitutional amendment and the implementation of legislation signed by Gov. Michelle Lujan Grisham in 2025 and 2026.”
- santafecountynm.govTRD Property Tax Division Order No. 25-44, read .
“single-family dwellings that are owned and occupied by a person who is sixty-five years of age or older or disabled and whose modified gross income does not exceed the greater of forty-four thousand two hundred dollars ($44,200). … The application shall be filed no later than thirty days after the date of mailing by the assessor of the notice of valuation.”
- santafecountynm.govTRD Property Tax Division Order No. 25-45, Notice of Reporting Requirements for tax year 2026, item 7, read .
“If you are a person who is sixty-five (65) years of age or older or disabled, and whose “modified gross income” was not greater than $44,200 in 2025 and you own and occupy a single-family dwelling you may be eligible for a limitation on the taxable value of your residence.”
- tax.newmexico.govTRD Information Pamphlet for Property Valuation Protests, read .
“your protest will be heard by the County Valuation Protests Board. The three-member Board is independent of the county assessor’s office, and is made up of two county residents appointed by the county commission and a property appraisal officer from the state Property Tax Division. … If you disagree with a decision of the Board, you may appeal that decision to the district court in your jurisdiction within thirty days of the Board’s order.”
- realfile.tax.newmexico.govTRD 2025 PIT-RC instructions, Section 3: Property Tax Rebate for Persons 65 or Older, read .
“This rebate is for property tax billed or rent paid during tax year 2025 on your principal place of residence in New Mexico. The property tax rebate cannot exceed $250 or, for a married taxpayer filing a separate return, the rebate cannot exceed $125. … You have a modified gross income of $16,000 or less.”
- tax.newmexico.govTRD: Property Tax Rebate for Personal Income Tax, read .
“Counties may institute a property tax rebate for their low-income residents who file a return and incur a property tax liability on their principal place of residence during the tax year and who are not dependents of other persons.”
- santafecountynm.govSanta Fe County Assessor news release, May 5, 2026, read .
“To reflect these updates, Notices of Value were mailed to property owners on May 1, 2026. In light of the adjusted timeline, residents now have 30 days from the mailing date to apply for exemptions, benefits, or to file property valuation appeals.”
- nmdfa.state.nm.usNew Mexico DFA, Certificate of Property Tax Rates in Mills, Tax Year 2026, Bernalillo County, read .
“Tax District 12 E OUT NR 12 IN R 12 IN NR … Grand Total 47.880 48.313 55.400”
Bordering jurisdictions
Rules verified by the Property Tax Calculator Editorial Team. Report a correction