88232 Property Tax Rate

Property owners in ZIP code 88232 (Hagerman, New Mexico) pay a median of $370/year in property taxes on homes valued at $115,600. This translates to an effective tax rate of 0.32%, which is 46% below the New Mexico state average of 0.59%.

The monthly property tax burden for a median-valued home in 88232 is approximately $31, which factors into escrow payments on mortgages. This ZIP code is located within Chaves County. This is $772 less than the New Mexico average of $1,142/year.

Compared to similar ZIP codes in New Mexico, 88232 has higher property taxes. ZIP codes with similar effective rates include 88252 (0.32%) and 87569 (0.32%).

In Hagerman, property taxes represent approximately 0.5% of the median household income of $67,273, 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.