88434 Property Tax Rate

Property owners in ZIP code 88434 (San Jon, New Mexico) pay a median of $300/year in property taxes on homes valued at $111,600. This translates to an effective tax rate of 0.27%, which is 54% below the New Mexico state average of 0.59%.

The monthly property tax burden for a median-valued home in 88434 is approximately $25, which factors into escrow payments on mortgages. This ZIP code is located within Quay County. This is $842 less than the New Mexico average of $1,142/year.

Compared to similar ZIP codes in New Mexico, 88434 has higher property taxes. ZIP codes with similar effective rates include 87523 (0.27%) and 88120 (0.27%).

In San Jon, property taxes represent approximately 0.5% of the median household income of $62,813, 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 assessed value will be set based on fair market value, not your purchase price. Quay County offers a homestead exemption for eligible owner-occupied residences; contact the Quay County Assessor's office to apply and confirm your exemption and its dollar amount. Verify your assessment on the county website or by visiting the assessor's office to ensure the homestead exemption was properly recorded.