87558 Property Tax Rate

Property owners in ZIP code 87558 (Red River, New Mexico) pay a median of $688/year in property taxes on homes valued at $429,500. This translates to an effective tax rate of 0.16%, which is 73% below the New Mexico state average of 0.59%.

The monthly property tax burden for a median-valued home in 87558 is approximately $57, which factors into escrow payments on mortgages. This ZIP code is located within Taos County. This is $454 less than the New Mexico average of $1,142/year.

Compared to similar ZIP codes in New Mexico, 87558 has higher property taxes. ZIP codes with similar effective rates include 87017 (0.16%) and 87566 (0.16%).

In Red River, property taxes represent approximately 1.5% of the median household income of $46,794, 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; Taos County will reset your assessed value to the purchase price. Taos County provides Homestead and Senior Exemptions for primary residents — submit applications to the Taos County Assessor's office with proof of residency, age (for senior exemption), and ownership documents. File your exemption within 30 days of closing and request written confirmation that the exemption has been recorded on your tax account.