87532 Property Tax Rate

Property owners in ZIP code 87532 (Espanola, New Mexico) pay a median of $1,119/year in property taxes on homes valued at $225,000. This translates to an effective tax rate of 0.50%, which is 15% below the New Mexico state average of 0.59%.

The monthly property tax burden for a median-valued home in 87532 is approximately $93, which factors into escrow payments on mortgages. This ZIP code is located within Rio Arriba County.

Compared to similar ZIP codes in New Mexico, 87532 has lower property taxes. ZIP codes with similar effective rates include 88301 (0.50%) and 87035 (0.50%).

In Espanola, property taxes represent approximately 2.0% of the median household income of $57,077, providing context for the relative tax burden on homeowners in this area.

New Mexico has no property tax cap on reassessment; your home will be assessed at market value following sale, with Rio Arriba County establishing a new tax basis. Rio Arriba County offers Homestead and Senior Exemptions that reduce assessed value for qualifying primary residences — file applications with the Rio Arriba County Assessor's office immediately after purchase. Request a copy of your assessment notice from the Rio Arriba County Assessor and verify the exemption was properly applied before paying your first tax bill.