87516 Property Tax Rate
Canones, New Mexico · Part of Rio Arriba County
Effective Tax Rate
0.09%
59.4% below state avgMedian Annual Tax
$464
$39/mo escrow
Estimate Your Tax
Annual Tax
$464
Monthly
$39
Eff. Rate
0.09%
Buyer decision brief
What ZIP 87516 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
$39/mo
Based on median annual tax paid
State context
0.50 percentage points below the New Mexico average
New Mexico average: 0.59%
Data confidence
Moderate confidenceThe Census margin of error is $141, about 30% of the median tax estimate.
Verify before you offer
- Confirm parcel assessed value with Rio Arriba 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
Similar in-state ZIPs in this comparison set do not show a lower effective rate. Use the state table to widen the search.
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 87516 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
Moderate ACS confidence
$141 tax MOE, 30% of the median tax estimate.
Last site refresh
March 10, 2026
Dataset and page-quality audit run locally before publication.
County fallback
County context only
Rio Arriba County is used for assessor verification and broader context.
Tax bill anatomy
What can change your actual bill in ZIP 87516
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 $525,000, but your bill starts with the local assessed value for a specific parcel.
Effective rate
The displayed rate is 0.09%, 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 $39 per month before insurance, HOA dues, or special assessments.
Assessor verification
Rio Arriba County assessor or tax collector records are the source of truth for parcel taxes, appeal windows, and exemptions.
How ZIP 87516 Compares
Median Annual Property Tax
ZIP 87516
0.09%
Effective rate
New Mexico Avg
0.59%
Effective rate
National Avg
1.10%
Effective rate
State Ranking
Property Tax Rank in New Mexico
Lower than 100% of ZIP codes in New Mexico(0th percentile, 227 ZIPs compared)
Property Tax Analysis
Property Tax Insights for ZIP 87516
Property owners in ZIP code 87516 (Canones, New Mexico) pay a median of $464/year in property taxes on homes valued at $525,000. This translates to an effective tax rate of 0.09%, which is 85% below the New Mexico state average of 0.59%.
The monthly property tax burden for a median-valued home in 87516 is approximately $39, which factors into escrow payments on mortgages. This ZIP code is located within Rio Arriba County. This is $678 less than the New Mexico average of $1,142/year.
Compared to similar ZIP codes in New Mexico, 87516 has lower property taxes. ZIP codes with similar effective rates include 87521 (0.15%) and 87017 (0.16%).
In Canones, property taxes represent approximately 0.5% of the median household income of $98,750, providing context for the relative tax burden on homeowners in this area.
If you're considering purchasing a home in 87516, keep in mind that property taxes are based on the assessed value assigned by the local assessor, which may differ from the purchase price. In some states, properties are reassessed at or near the sale price upon transfer of ownership. For the most current tax information for a specific property, consult Rio Arriba County's tax assessor directly.
Frequently Asked Questions
What is the property tax rate in ZIP code 87516?
How much are property taxes in Canones, NM (87516)?
How does ZIP 87516 compare to the New Mexico average?
What is the median home value in ZIP 87516?
What county is ZIP code 87516 in?
Margin of Error
The median property tax estimate for this ZIP code has a margin of error of ±$141. ZCTA-level data has wider margins than county-level estimates due to smaller sample sizes.
County-Level Data
ZIP code 87516 is part of Rio Arriba County, New Mexico. View the full county profile for broader context and more data.
View Rio Arriba County on TaxByCounty →Why compare these ZIPs?
Better comparison set for ZIP 87516
Each ZIP highlights a homebuyer tradeoff: lower rate, stronger value context, shared county rules, city boundary changes, or nearby missing data.
88321
Encino, NM
$571,500 higher median home value than ZIP 87516.
Rate
0.77%
Tax
$8,465
Quality
69
87540
Lamy, NM
$160,900 higher median home value than ZIP 87516.
Rate
0.59%
Tax
$4,053
Quality
77
87501
Santa Fe, NM
$124,100 higher median home value than ZIP 87516.
Rate
0.44%
Tax
$2,831
Quality
94
87122
Albuquerque, NM
$89,200 higher median home value than ZIP 87516.
Rate
0.90%
Tax
$5,510
Quality
94
87048
Corrales, NM
$27,000 higher median home value than ZIP 87516.
Rate
0.65%
Tax
$3,569
Quality
84
87508
Santa Fe, NM
$4,000 higher median home value than ZIP 87516.
Rate
0.52%
Tax
$2,729
Quality
94
87521
Chamisal, NM
Both ZIPs use Rio Arriba County for assessor context.
Rate
0.15%
Tax
$285
Quality
79
87017
Gallina, NM
Both ZIPs use Rio Arriba County for assessor context.
Rate
0.16%
Tax
$390
Quality
79
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.