88415 Property Tax Rate

Property owners in ZIP code 88415 (Clayton, New Mexico) pay a median of $860/year in property taxes on homes valued at $129,600. This translates to an effective tax rate of 0.66%, which is 13% above the New Mexico state average of 0.59%.

The monthly property tax burden for a median-valued home in 88415 is approximately $72, which factors into escrow payments on mortgages. This ZIP code is located within Union County. This is $282 less than the New Mexico average of $1,142/year.

Compared to similar ZIP codes in New Mexico, 88415 has higher property taxes. ZIP codes with similar effective rates include 87745 (0.66%) and 88007 (0.66%).

In Clayton, property taxes represent approximately 1.9% of the median household income of $45,665, 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 Union County Assessor will set your assessed value based on market valuation, potentially differing from your purchase price. Union County offers a homestead exemption for eligible primary residences; submit your exemption application to the Union County Assessor's office within 60 days of closing to reduce your taxable assessment. Follow up with the assessor 30 days after filing to confirm your exemption was recorded and will appear on your first tax bill.