87008 Property Tax Rate

Property owners in ZIP code 87008 (Cedar Crest, New Mexico) pay a median of $2,379/year in property taxes on homes valued at $352,900. This translates to an effective tax rate of 0.67%, which is 15% above the New Mexico state average of 0.59%.

The monthly property tax burden for a median-valued home in 87008 is approximately $198, which factors into escrow payments on mortgages. This ZIP code is located within Bernalillo County. This is $1,237 more than the New Mexico average of $1,142/year.

Compared to similar ZIP codes in New Mexico, 87008 has higher property taxes. ZIP codes with similar effective rates include 87747 (0.67%) and 87728 (0.67%).

In Cedar Crest, property taxes represent approximately 2.2% of the median household income of $108,523, providing context for the relative tax burden on homeowners in this area.

New Mexico does not have a statewide property tax cap; your home will be reassessed at market value following purchase, and the Bernalillo County Assessor will establish a new taxable value based on the sale price. Bernalillo County offers a Homestead Exemption (up to $2,000 off assessed value for primary residences) and a Senior Exemption for residents 65+ — apply with the Bernalillo County Assessor's office with proof of residency and age. File your exemption claim immediately after closing to lock in the current tax year; contact the Bernalillo County Assessor at (505) 222-1300 to confirm the application deadline and required documentation.