87747 Property Tax Rate

Property owners in ZIP code 87747 (Springer, New Mexico) pay a median of $785/year in property taxes on homes valued at $116,700. This translates to an effective tax rate of 0.67%, which is 14% above the New Mexico state average of 0.59%.

The monthly property tax burden for a median-valued home in 87747 is approximately $65, which factors into escrow payments on mortgages. This ZIP code is located within Colfax County. This is $357 less than the New Mexico average of $1,142/year.

Compared to similar ZIP codes in New Mexico, 87747 has lower property taxes. ZIP codes with similar effective rates include 87728 (0.67%) and 87008 (0.67%).

In Springer, property taxes represent approximately 1.3% of the median household income of $58,542, providing context for the relative tax burden on homeowners in this area.

New Mexico has no property tax cap; your home will be reassessed at market value in Colfax County upon purchase. Colfax County offers Homestead and Senior Exemptions that exempt a portion of assessed value for qualifying primary residences — apply with the Colfax County Assessor's office with proof of residency and ownership. File your exemption claim immediately after closing and request written confirmation that the exemption has been recorded on the tax roll.