88240 Property Tax Rate

Property owners in ZIP code 88240 (Hobbs, New Mexico) pay a median of $812/year in property taxes on homes valued at $177,200. This translates to an effective tax rate of 0.46%, which is 22% below the New Mexico state average of 0.59%.

The monthly property tax burden for a median-valued home in 88240 is approximately $68, which factors into escrow payments on mortgages. This ZIP code is located within Lea County. This is $330 less than the New Mexico average of $1,142/year.

Compared to similar ZIP codes in New Mexico, 88240 has higher property taxes. ZIP codes with similar effective rates include 87021 (0.46%) and 88061 (0.46%).

In Hobbs, property taxes represent approximately 1.2% of the median household income of $65,394, 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 — the county assessor will establish a new assessed value based on market conditions and sale price. Lea County provides a homestead exemption for owner-occupied primary residences; file your exemption application with the Lea County Assessor before the end of the calendar year following your purchase. Confirm receipt of your application in writing and check the following year's tax bill to ensure the exemption is applied.