87701 Property Tax Rate

Property owners in ZIP code 87701 (Las Vegas, New Mexico) pay a median of $1,060/year in property taxes on homes valued at $169,000. This translates to an effective tax rate of 0.63%, which is 7% above the New Mexico state average of 0.59%.

The monthly property tax burden for a median-valued home in 87701 is approximately $88, which factors into escrow payments on mortgages. This ZIP code is located within San Miguel County.

Compared to similar ZIP codes in New Mexico, 87701 has lower property taxes. ZIP codes with similar effective rates include 88201 (0.63%) and 88012 (0.63%).

In Las Vegas, property taxes represent approximately 2.2% of the median household income of $48,115, providing context for the relative tax burden on homeowners in this area.

New Mexico imposes no property tax cap on reassessment; San Miguel County will assess your property at market value following purchase. San Miguel County offers Homestead Exemptions and Senior/Disabled Exemptions that reduce assessed value for primary residences — apply with the San Miguel County Assessor's office immediately after closing. Contact the San Miguel County Assessor to confirm the exemption deadline and verify the exemption was applied before you receive your first tax bill.