87828 Property Tax Rate

Property owners in ZIP code 87828 (Polvadera, New Mexico) pay a median of $667/year in property taxes on homes valued at $179,600. This translates to an effective tax rate of 0.37%, which is 37% below the New Mexico state average of 0.59%.

The monthly property tax burden for a median-valued home in 87828 is approximately $56, which factors into escrow payments on mortgages. This ZIP code is located within Socorro County. This is $475 less than the New Mexico average of $1,142/year.

Compared to similar ZIP codes in New Mexico, 87828 has higher property taxes. ZIP codes with similar effective rates include 87010 (0.37%) and 88337 (0.38%).

New Mexico reassesses property to fair market value upon acquisition, with no statutory caps on future annual increases — your tax basis resets to current market value at closing. Socorro County offers a Primary Residence Assessment Exemption for owner-occupants; contact the Socorro County Assessor's office to file and determine your potential tax reduction. File your homeowner exemption application with the Socorro County Assessor within 30 days of closing to apply the exemption to your first tax bill.