88118 Property Tax Rate

Property owners in ZIP code 88118 (Floyd, New Mexico) pay a median of $443/year in property taxes on homes valued at $221,700. This translates to an effective tax rate of 0.20%, which is 66% below the New Mexico state average of 0.59%.

The monthly property tax burden for a median-valued home in 88118 is approximately $37, which factors into escrow payments on mortgages. This ZIP code is located within Roosevelt County. This is $699 less than the New Mexico average of $1,142/year.

Compared to similar ZIP codes in New Mexico, 88118 has lower property taxes. ZIP codes with similar effective rates include 87734 (0.21%) and 87519 (0.18%).

In Floyd, property taxes represent approximately 0.8% of the median household income of $55,000, providing context for the relative tax burden on homeowners in this area.

New Mexico reassesses property at market value upon sale, with no statewide cap on increases — your tax bill may change significantly from the prior owner's regardless of purchase price. Roosevelt County offers a homestead exemption for qualifying primary residences; contact the Roosevelt County Assessor immediately after purchase to file for this relief and reduce your taxable assessment. Submit your exemption application before the next assessment cycle to avoid paying full market-value taxes for a year.