87560 Property Tax Rate

Property owners in ZIP code 87560 (Ribera, New Mexico) pay a median of $506/year in property taxes on homes valued at $98,500. This translates to an effective tax rate of 0.51%, which is 13% below the New Mexico state average of 0.59%.

The monthly property tax burden for a median-valued home in 87560 is approximately $42, which factors into escrow payments on mortgages. This ZIP code is located within San Miguel County. This is $636 less than the New Mexico average of $1,142/year.

Compared to similar ZIP codes in New Mexico, 87560 has lower property taxes. ZIP codes with similar effective rates include 87056 (0.51%) and 87508 (0.52%).

In Ribera, property taxes represent approximately 1.8% of the median household income of $28,801, providing context for the relative tax burden on homeowners in this area.

If you're considering purchasing a home in 87560, 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 San Miguel County's tax assessor directly.