88023 Property Tax Rate

Property owners in ZIP code 88023 (Bayard, New Mexico) pay a median of $595/year in property taxes on homes valued at $118,100. This translates to an effective tax rate of 0.50%, which is 14% below the New Mexico state average of 0.59%.

The monthly property tax burden for a median-valued home in 88023 is approximately $50, which factors into escrow payments on mortgages. This ZIP code is located within Grant County. This is $547 less than the New Mexico average of $1,142/year.

Compared to similar ZIP codes in New Mexico, 88023 has higher property taxes. ZIP codes with similar effective rates include 87831 (0.50%) and 87016 (0.51%).

In Bayard, property taxes represent approximately 1.8% of the median household income of $33,269, providing context for the relative tax burden on homeowners in this area.

New Mexico reassesses property at sale price with no statewide cap; Grant County will establish a new tax basis on your purchase price. Grant County provides Homestead and Senior Exemptions for primary residents — submit applications to the Grant County Assessor's office immediately after purchase with proof of residency, ownership, and age documentation. File your exemption claim before the assessment roll closes and request written confirmation from the Grant County Assessor that the exemption was applied.