87402 Property Tax Rate
Farmington, New Mexico · Part of San Juan County
Effective Tax Rate
0.62%
46.2% above state avgMedian Annual Tax
$1,670
$139/mo escrow
Estimate Your Tax
Annual Tax
$1,670
Monthly
$139
Eff. Rate
0.62%
Buyer decision brief
What ZIP 87402 means for your housing budget
Use this ZIP page to compare recurring tax burden before you compare listing prices. The numbers below are Census ZCTA estimates, so they are strongest for neighborhood comparison and weakest for parcel-specific tax planning.
Monthly escrow signal
$139/mo
Based on median annual tax paid
State context
0.03 percentage points above the New Mexico average
New Mexico average: 0.59%
Data confidence
High confidenceThe Census margin of error is $208, about 12% of the median tax estimate.
Verify before you offer
- Confirm parcel assessed value with San Juan County assessor.
- Check homestead, senior, veteran, and disability exemptions.
- Ask whether purchase triggers reassessment or value-cap reset.
- Review school district and special assessment boundaries.
Lower-rate similar ZIPs
This is informational content, not tax, legal, or mortgage advice. Local assessor records remain the source of truth for a specific property.
Data confidence ledger
Can you trust ZIP 87402 for comparison?
ACS vintage
2019-2023 ACS 5-Year Estimates
Five-year Census ZCTA estimates.
ZCTA caveat
Census area, not parcel boundary
USPS ZIP routes and taxing districts can differ inside the same area.
Field completeness
3/3 required fields
Median tax, home value, and derived rate are present.
MOE status
Strong ACS confidence
$208 tax MOE, 12% of the median tax estimate.
Last site refresh
March 10, 2026
Dataset and page-quality audit run locally before publication.
County fallback
County advisory available
San Juan County is used for assessor verification and broader context.
Tax bill anatomy
What can change your actual bill in ZIP 87402
Use the ZIP estimate to compare neighborhoods, then verify these parcel-level inputs before relying on a payment estimate.
Assessed value
The ZCTA median home value is $269,100, but your bill starts with the local assessed value for a specific parcel.
Effective rate
The displayed rate is 0.62%, derived from median tax paid divided by median home value.
Exemptions
Homestead, senior, veteran, disability, and local exemptions can reduce taxable value. Confirm eligibility before estimating escrow.
Reassessment
A purchase can change assessed value depending on New Mexico and county rules. Ask how sale price affects the next assessment cycle.
Escrow impact
The median tax paid in this ZCTA equals about $139 per month before insurance, HOA dues, or special assessments.
Assessor verification
San Juan County assessor or tax collector records are the source of truth for parcel taxes, appeal windows, and exemptions.
How ZIP 87402 Compares
Median Annual Property Tax
ZIP 87402
0.62%
Effective rate
New Mexico Avg
0.59%
Effective rate
National Avg
1.10%
Effective rate
State Ranking
Property Tax Rank in New Mexico
Higher than 64% of ZIP codes in New Mexico(64th percentile, 227 ZIPs compared)
Property Tax Analysis
Property Tax Insights for ZIP 87402
Property owners in ZIP code 87402 (Farmington, New Mexico) pay a median of $1,670/year in property taxes on homes valued at $269,100. This translates to an effective tax rate of 0.62%, which is 5% above the New Mexico state average of 0.59%.
The monthly property tax burden for a median-valued home in 87402 is approximately $139, which factors into escrow payments on mortgages. This ZIP code is located within San Juan County. This is $528 more than the New Mexico average of $1,142/year.
Compared to similar ZIP codes in New Mexico, 87402 has lower property taxes. ZIP codes with similar effective rates include 88341 (0.62%) and 87064 (0.62%).
In Farmington, property taxes represent approximately 2.2% of the median household income of $76,992, providing context for the relative tax burden on homeowners in this area.
New Mexico has no property tax cap; your home will be reassessed at sale price, and San Juan County will establish a new tax basis on the purchase price. San Juan County offers Homestead Exemptions and Senior/Disabled Exemptions that reduce assessed value — apply with the San Juan County Assessor's office immediately after purchase with proof of residency. File your exemption claim before the assessment roll closes to avoid paying tax on the full purchase price.
Frequently Asked Questions
What is the property tax rate in ZIP code 87402?
How much are property taxes in Farmington, NM (87402)?
How does ZIP 87402 compare to the New Mexico average?
What is the median home value in ZIP 87402?
What county is ZIP code 87402 in?
Margin of Error
The median property tax estimate for this ZIP code has a margin of error of ±$208. ZCTA-level data has wider margins than county-level estimates due to smaller sample sizes.
County-Level Data
ZIP code 87402 is part of San Juan County, New Mexico. View the full county profile for broader context and more data.
View San Juan County on TaxByCounty →Explore Farmington, NM
View all 2 ZIP codes in Farmington with property tax comparisons.
View Farmington Property Tax Rates →Why compare these ZIPs?
Better comparison set for ZIP 87402
Each ZIP highlights a homebuyer tradeoff: lower rate, stronger value context, shared county rules, city boundary changes, or nearby missing data.
87401
Farmington, NM
0.03 percentage points lower than ZIP 87402.
Rate
0.60%
Tax
$1,205
Quality
96
87415
Flora Vista, NM
0.14 percentage points lower than ZIP 87402.
Rate
0.48%
Tax
$959
Quality
74
87417
Kirtland, NM
0.13 percentage points lower than ZIP 87402.
Rate
0.49%
Tax
$885
Quality
78
87416
Fruitland, NM
0.01 percentage points lower than ZIP 87402.
Rate
0.61%
Tax
$555
Quality
74
88321
Encino, NM
$827,400 higher median home value than ZIP 87402.
Rate
0.77%
Tax
$8,465
Quality
69
87540
Lamy, NM
0.03 percentage points lower than ZIP 87402.
Rate
0.59%
Tax
$4,053
Quality
77
87501
Santa Fe, NM
0.18 percentage points lower than ZIP 87402.
Rate
0.44%
Tax
$2,831
Quality
94
87122
Albuquerque, NM
$345,100 higher median home value than ZIP 87402.
Rate
0.90%
Tax
$5,510
Quality
94
Data from U.S. Census Bureau, American Community Survey 2019-2023 5-Year Estimates (ZCTA level). ZIP Code Tabulation Areas (ZCTAs) are Census approximations of USPS ZIP codes.
Estimates are informational only and should not be used as financial or legal advice.