88042 Property Tax Rate

Property owners in ZIP code 88042 (Hillsboro, New Mexico) pay a median of $1,087/year in property taxes on homes valued at $193,300. This translates to an effective tax rate of 0.56%, which is 4% below the New Mexico state average of 0.59%.

The monthly property tax burden for a median-valued home in 88042 is approximately $91, which factors into escrow payments on mortgages. This ZIP code is located within Sierra County.

Compared to similar ZIP codes in New Mexico, 88042 has higher property taxes. ZIP codes with similar effective rates include 88081 (0.56%) and 87043 (0.56%).

In Hillsboro, property taxes represent approximately 7.1% of the median household income of $15,385, 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 Sierra County upon purchase. Sierra County offers Homestead Exemptions and Senior/Disabled Exemptions that exempt a portion of assessed value — submit your application to the Sierra County Assessor's office with proof of residency, ownership, and age/disability status. File your exemption claim within 30 days of closing and request written confirmation from the Sierra County Assessor that the exemption reduces your taxable value.