87002 Property Tax Rate

Property owners in ZIP code 87002 (Belen, New Mexico) pay a median of $1,159/year in property taxes on homes valued at $183,700. This translates to an effective tax rate of 0.63%, which is 7% above the New Mexico state average of 0.59%.

The monthly property tax burden for a median-valued home in 87002 is approximately $97, which factors into escrow payments on mortgages. This ZIP code is located within Valencia County.

Compared to similar ZIP codes in New Mexico, 87002 has higher property taxes. ZIP codes with similar effective rates include 87053 (0.63%) and 88012 (0.63%).

In Belen, property taxes represent approximately 2.2% of the median household income of $51,537, providing context for the relative tax burden on homeowners in this area.

New Mexico requires reassessment to fair market value at sale with no annual increase caps, meaning your tax basis resets completely when you buy the property. Valencia County administers a Homeowners' Exemption that reduces taxable assessed value for primary residences — file your application with the Valencia County Assessor to apply for this exemption. Submit your exemption request to the Valencia County Assessor before your first tax bill is issued to ensure the relief is applied to your initial assessment.