Farmington, NM Property Tax Rates
Compare property tax rates across 2 ZIP codes in Farmington, New Mexico.
Avg Tax Rate
0.61%
Avg Annual Tax
$1,438
Avg Home Value
$235,750
ZIP Codes
2
Property Tax Overview: Farmington, NM
Farmington has 2 ZIP codes with property tax data. The average effective tax rate across these ZIPs is 0.61%, which is 3% above the New Mexico average of 0.59%. Annual property taxes range from $1,205 (ZIP 87401) to $1,670 (ZIP 87402).
For a home at Farmington's median value of $235,750, property taxes add approximately $119/month to housing costs. Farmington home values are close to the New Mexico median of $216,025.
Property tax rates within Farmington vary by 0.03 percentage points across its ZIP codes. This variation typically reflects different school district boundaries, special assessment zones, and municipal service areas within the city.
Farmington vs New Mexico Average
Effective Tax Rate
3% above state average
Annual Property Tax
Median Home Value
Frequently Asked Questions
What is the average property tax rate in Farmington, NM?
The average effective property tax rate in Farmington, New Mexico is 0.61%, based on 2 ZIP codes.
How much is property tax in Farmington, NM?
The average median annual property tax in Farmington is $1,438 per year, with a median home value of $235,750.
Which ZIP code in Farmington has the lowest property tax rate?
ZIP code 87401 has the lowest effective tax rate in Farmington at 0.60%, with a median annual tax of $1,205.
How many ZIP codes are in Farmington, NM?
Farmington, New Mexico has 2 ZIP codes with property tax data available.
Which ZIP code in Farmington has the highest property tax rate?
ZIP code 87402 has the highest effective tax rate in Farmington at 0.62%, with a median annual tax of $1,670.
How do Farmington property taxes compare to the New Mexico average?
Farmington's average effective rate of 0.61% is 3% above the New Mexico state average of 0.59%.
What factors affect property tax rates between ZIP codes in Farmington?
Property tax rate differences within Farmington are typically driven by school district boundaries (which can account for 40–60% of a tax bill), special assessment zones for fire, water, or transit services, and whether a ZIP falls within city limits or an unincorporated area. Each taxing jurisdiction sets its own rate, which is why adjacent ZIP codes can have noticeably different effective rates.
Tips for Farmington Homeowners
- •Appeal your assessment: If your home is assessed higher than its market value, you can file a property tax appeal. Studies suggest 30–60% of properties are over-assessed. Most counties offer a free informal review process.
- •Check your exemptions: Homestead exemptions can reduce your taxable value and are available to primary residents in most states. Senior, veteran, and disability exemptions may also apply. Exemptions must typically be applied for — they are not automatic.
- •Know your assessment cycle: New Mexico reassesses properties periodically. After buying a home, your next tax bill may reflect a new assessment based on your purchase price. Budget accordingly, especially if you bought above prior assessed values.
- •Compare ZIP codes before buying: Even within Farmington, effective tax rates can vary significantly across ZIP codes due to different school district overlays. Use PropertyTaxByZip to compare specific ZIPs before choosing a neighborhood.
Other Cities in New Mexico
Looking for county-level property tax data? View San Juan County on TaxByCounty.com
Data from U.S. Census Bureau, American Community Survey 2019-2023 5-Year Estimates (ZCTA level). ZIP Code Tabulation Areas (ZCTAs) are Census approximations of USPS ZIP codes.
Estimates are informational only and should not be used as financial or legal advice.