88401 Property Tax Rate

Property owners in ZIP code 88401 (Tucumcari, New Mexico) pay a median of $511/year in property taxes on homes valued at $65,800. This translates to an effective tax rate of 0.78%, which is 32% above the New Mexico state average of 0.59%.

The monthly property tax burden for a median-valued home in 88401 is approximately $43, which factors into escrow payments on mortgages. This ZIP code is located within Quay County. This is $631 less than the New Mexico average of $1,142/year.

Compared to similar ZIP codes in New Mexico, 88401 has higher property taxes. ZIP codes with similar effective rates include 87418 (0.77%) and 88321 (0.77%).

In Tucumcari, property taxes represent approximately 1.1% of the median household income of $46,773, providing context for the relative tax burden on homeowners in this area.

If you're considering purchasing a home in 88401, keep in mind that property taxes are based on the assessed value assigned by the local assessor, which may differ from the purchase price. In some states, properties are reassessed at or near the sale price upon transfer of ownership. For the most current tax information for a specific property, consult Quay County's tax assessor directly.