87068 Property Tax Rate

Property owners in ZIP code 87068 (Bosque Farms, New Mexico) pay a median of $2,048/year in property taxes on homes valued at $246,300. This translates to an effective tax rate of 0.83%, which is 41% above the New Mexico state average of 0.59%.

The monthly property tax burden for a median-valued home in 87068 is approximately $171, which factors into escrow payments on mortgages. This ZIP code is located within Bernalillo County. This is $906 more than the New Mexico average of $1,142/year.

Compared to similar ZIP codes in New Mexico, 87068 has higher property taxes. ZIP codes with similar effective rates include 87121 (0.83%) and 87823 (0.83%).

In Bosque Farms, property taxes represent approximately 3.2% of the median household income of $63,287, 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.