87061 Property Tax Rate

Property owners in ZIP code 87061 (Torreon, New Mexico) pay a median of $360/year in property taxes on homes valued at $161,900. This translates to an effective tax rate of 0.22%, which is 62% below the New Mexico state average of 0.59%.

The monthly property tax burden for a median-valued home in 87061 is approximately $30, which factors into escrow payments on mortgages. This ZIP code is located within Torrance County. This is $782 less than the New Mexico average of $1,142/year.

Compared to similar ZIP codes in New Mexico, 87061 has lower property taxes. ZIP codes with similar effective rates include 87538 (0.23%) and 87734 (0.21%).

In Torreon, property taxes represent approximately 0.8% of the median household income of $44,008, providing context for the relative tax burden on homeowners in this area.

New Mexico imposes no statewide property tax cap; your property will be reassessed at market value upon purchase in Torrance County. Torrance County offers Homestead Exemptions and Senior/Disabled Exemptions for primary residents — submit your application to the Torrance County Assessor's office with proof of residency and age/disability status. Contact the Torrance County Assessor immediately after closing to confirm the application deadline and ensure your exemption is recorded before the tax year assessment is finalized.