87023 Property Tax Rate

Property owners in ZIP code 87023 (Jarales, New Mexico) pay a median of $831/year in property taxes on homes valued at $153,300. This translates to an effective tax rate of 0.54%, which is 8% below the New Mexico state average of 0.59%.

The monthly property tax burden for a median-valued home in 87023 is approximately $69, which factors into escrow payments on mortgages. This ZIP code is located within Valencia County. This is $311 less than the New Mexico average of $1,142/year.

Compared to similar ZIP codes in New Mexico, 87023 has higher property taxes. ZIP codes with similar effective rates include 88220 (0.55%) and 88028 (0.54%).

In Jarales, property taxes represent approximately 3.3% of the median household income of $25,043, 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.