What is the effective property tax rate in New Mexico?

New Mexico's statewide effective property tax rate is about 0.63% of home value per year. Your county's rate will differ, and disabled-veteran exemptions can reduce or eliminate the bill.

New Mexico Disabled Veteran Property Tax Exemption

2026 rules · verified against New Mexico's primary source

New Mexico fully exempts the primary residence of a veteran rated 100% permanent & total (or paid at the 100% rate).

Who qualifies and how much

Resident honorably discharged veteran; property must be occupied as principal residence. 100% P&T = full waiver; lower ratings get proportional exemption starting TY2026. Effective rate source: Tax Foundation 2026.

100PTfull exemption (100% waiver of property tax on primary residence, up to 5 acres) under NMSA 7-37-5.1

below100 proportionalexemption equals disability rating % applied to taxable value of primary residence (effective tax year 2026, per HB47/2024 constitutional amendment)

standard Veteran Exemption$10,000 of taxable value for any honorably discharged veteran (raised from $4,000 in 2025)

Full exemption at 100% P&T?

Yes

Effective property tax rate

0.63%

Source: https://www.governor.state.nm.us/2025/03/20/governor-signs-bills-supporting-new-mexico-veterans/ · verified July 2026

Weighing a move? Compare New Mexico against other states on property tax plus pension tax, or see how New Mexico taxes military retirement.

More New Mexico: all New Mexico veteran benefits · disabled veteran property tax in every state

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New Mexico Disabled Veteran Property Tax Exemption

2026 rules · verified against New Mexico's primary source

New Mexico fully exempts the primary residence of a veteran rated 100% permanent & total (or paid at the 100% rate).

Who qualifies and how much

100PTfull exemption (100% waiver of property tax on primary residence, up to 5 acres) under NMSA 7-37-5.1

below100 proportionalexemption equals disability rating % applied to taxable value of primary residence (effective tax year 2026, per HB47/2024 constitutional amendment)

standard Veteran Exemption$10,000 of taxable value for any honorably discharged veteran (raised from $4,000 in 2025)

Full exemption at 100% P&T?

Yes

Effective property tax rate

0.63%

Source: https://www.governor.state.nm.us/2025/03/20/governor-signs-bills-supporting-new-mexico-veterans/ · verified July 2026

Weighing a move? Compare New Mexico against other states on property tax plus pension tax, or see how New Mexico taxes military retirement.

More New Mexico: all New Mexico veteran benefits · disabled veteran property tax in every state

More free tools

State Benefits

Compare veteran benefits across all 50 states

Chart Your Claim

Navigate your VA claim step by step

VA Claim Builder

Build a full, evidence-backed claim step by step

Presumptive Conditions Checker

PACT Act / Agent Orange / burn-pit eligibility

Exposure Checker

Where you served, mapped to presumptives

Denial Letter Analyzer

Decode your VA denial and fix it