87537 Property Tax Rate

Property owners in ZIP code 87537 (Hernandez, New Mexico) pay a median of $809/year in property taxes on homes valued at $228,800. This translates to an effective tax rate of 0.35%, which is 40% below the New Mexico state average of 0.59%.

The monthly property tax burden for a median-valued home in 87537 is approximately $67, which factors into escrow payments on mortgages. This ZIP code is located within Rio Arriba County. This is $333 less than the New Mexico average of $1,142/year.

Compared to similar ZIP codes in New Mexico, 87537 has higher property taxes. ZIP codes with similar effective rates include 88124 (0.35%) and 87941 (0.36%).

In Hernandez, property taxes represent approximately 2.0% of the median household income of $40,795, 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.