88203 Property Tax Rate

Property owners in ZIP code 88203 (Roswell, New Mexico) pay a median of $761/year in property taxes on homes valued at $115,600. This translates to an effective tax rate of 0.66%, which is 12% above the New Mexico state average of 0.59%.

The monthly property tax burden for a median-valued home in 88203 is approximately $63, which factors into escrow payments on mortgages. This ZIP code is located within Chaves County. This is $381 less than the New Mexico average of $1,142/year.

Compared to similar ZIP codes in New Mexico, 88203 has lower property taxes. ZIP codes with similar effective rates include 87013 (0.66%) and 87062 (0.66%).

In Roswell, property taxes represent approximately 1.8% of the median household income of $42,067, 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 property will be valued at current market rates regardless of your purchase price or prior tax history. Chaves County provides a homestead exemption reducing the assessed value of primary residences; file your exemption claim with the Chaves County Assessor immediately after closing to capture the relief. Request a written confirmation letter showing your exemption amount and when it takes effect to protect your record.