87508 Property Tax Rate

Property owners in ZIP code 87508 (Santa Fe, New Mexico) pay a median of $2,729/year in property taxes on homes valued at $529,000. This translates to an effective tax rate of 0.52%, which is 12% below the New Mexico state average of 0.59%.

The monthly property tax burden for a median-valued home in 87508 is approximately $227, which factors into escrow payments on mortgages. This ZIP code is located within Santa Fe County. This is $1,587 more than the New Mexico average of $1,142/year.

Compared to similar ZIP codes in New Mexico, 87508 has higher property taxes. ZIP codes with similar effective rates include 87505 (0.52%) and 87560 (0.51%).

In Santa Fe, property taxes represent approximately 2.8% of the median household income of $96,767, providing context for the relative tax burden on homeowners in this area.

New Mexico reassesses property at market value upon sale with no statewide cap; your assessed value will reset to the purchase price in Santa Fe County. Santa Fe County provides a Homestead Exemption (exempting a portion of assessed value for primary residences) and Senior/Disabled Exemptions — submit applications to the Santa Fe County Assessor within 30 days of closing. Contact the Santa Fe County Assessor's office to verify current exemption amounts and file your claim before the tax year closes to avoid paying full tax on the purchase price.