Buying a home in New Mexico

Property taxes, transfer taxes, home values and first-time buyer help in New Mexico.

Effective property tax rate

0.7%

Median tax $1,731 ÷ median value $248,100 (ACS 2020–2024)

Typical home value

$318,241

Zillow ZHVI, 2026-08

State transfer tax

0.0%

Usually paid by: none. NMSA 1978, § 14-8-15 (recording fees); no transfer-tax statute exists (cf. failed 2021 HB0019). Official source. Local taxes may add more.

Estimated buyer closing costs Estimate

$2,700–$4,500

On a $318,241 home: typical lender fees + title insurance + deed recording (TallyClose) + the buyer’s share of transfer/recording taxes. Excludes prepaids, escrow and local taxes.

At New Mexico's effective rate of 0.7%, a typical $318,241 home would owe about $2,228/year ($186/month) in property taxes. Actual bills depend on your county, city and exemptions. Run your numbers.

First-time homebuyer programs

Housing New Mexico

Your state housing finance agency offers down payment assistance and low-rate mortgages for eligible buyers. Visit Housing New Mexico →

Sources: U.S. Census Bureau ACS 2020–2024 5-year (B25103, B25077); Zillow Home Value Index; TallyClose closing-cost dataset (CC BY 4.0), which cites each state statute; NCSHA HFA directory. Last updated 2026-10-15.