87301 Property Tax Rate

Property owners in ZIP code 87301 (Gallup, New Mexico) pay a median of $1,586/year in property taxes on homes valued at $134,700. This translates to an effective tax rate of 1.18%, which is 100% above the New Mexico state average of 0.59%.

The monthly property tax burden for a median-valued home in 87301 is approximately $132, which factors into escrow payments on mortgages. This ZIP code is located within McKinley County. This is $444 more than the New Mexico average of $1,142/year.

Compared to similar ZIP codes in New Mexico, 87301 has higher property taxes. ZIP codes with similar effective rates include 88048 (1.13%) and 87102 (1.07%).

In Gallup, property taxes represent approximately 2.7% of the median household income of $58,302, providing context for the relative tax burden on homeowners in this area.

New Mexico reassesses property at market value at sale with no annual cap; McKinley County will establish a new assessed value based on your purchase price. McKinley County provides Homestead and Senior Exemptions that exempt a portion of assessed value for qualifying primary residences — file your application with the McKinley County Assessor's office within 30 days of closing. Request a confirmation letter from the McKinley County Assessor showing the exemption was applied to your account to ensure the reduced assessment takes effect.