New Mexico's Property Taxes rank as the 3rd lowest in the Country!
New Mexico’s localities collected $574 per capita in property taxes in fiscal year 2009, which is the latest year the Census Bureau published state-by-state property tax collections. At the state level, New Mexico collected $32 per capita in property taxes during FY 2009, making its combined state/local property taxes $606 per capita, ranking 47th lowest nationally.
Review of Local Property Taxes
McKinley County Property Tax Overview (2005-2009)
| Median Property Tax | Percentage of Income | Percentage of Property Value |
|---|---|---|
| $160 ± 6 (2860th of 2,922) |
0.45 ± 0.03% (2,844th of 2,922) |
0.23 ± 0.02% (2,841th of 2,922) |
For a five-year average, 2005-2009, McKinley County has one of the lowest median property tax rates in the country, with only 62 counties nationally offering a lower property tax. The median property tax in McKinley County, NM is $160 per year.
The average yearly property tax paid by residents of McKinley County amounts to about 0.45 % of their yearly income, with only 78 counties nationally averaging a lower property tax as a percentage of median income.
McKinley County collects, on average, 0.23% of a property’s estimated fair market value as property tax.
Current Local Property Taxes
| Local Property Tax Rate in Mills (2012) | Residential | Non-Residential |
|---|---|---|
| City of Gallup | 33.172 | 41.756 |
| McKinley County | 26.020 | 32.389 |
Local Housing Characteristics
| City of Gallup | McKinley County | |
|---|---|---|
| Total Housing Units | 7,230 | 25,788 |
| Occupied Housing Units | 5,624 (77.8%) | 16,862 (65.4%) |
| Vacant Housing Units | 1,606 (22.2%) | 8,926 (34.6%) |
| Occupied Housing Units | 5,624 | 16,682 |
| Owner Occupied | 3,570 (63.5%) | 11,975 (71.0%) |
| Renter Occupied | 2,054 (36.5%) | 4,887 (29.0%) |
US Census Bureau: 2009 - 2011 American Community Survey
McKinley County Median Cost of Housing Units
| With a Mortgage | $964 |
| Without a Mortgage | $221 |
| Median Rent | $515 |
US Census Bureau: 2009 - 2011 American Community Survey
FAQ (McKinley County Assessor's Office)
Q. I am new to New Mexico and have purchased a home. Do I have to pay property taxes in New Mexico?
A. Yes! The property owner is responsible for recording property transfer documents with the County Clerk and for notifying the County Assessor purchases and transfers of ownership. Contacting the Assessor should ensure that you are correctly assessed as the current owner with a valid address where you can receive valuation notices and tax bills. If you have moved recently please contact the County Assessor’s Office and give them your new address.
Q. How much property tax will I have to pay?
A. Taxes are based on the current and correct market value of your residence and land, vacant land, commercial property, or other taxable property. The amount you pay is determined by multiplying the mil levy rate against the net taxable value of your property. The net taxable value is one third of the total assessed value of your property minus valid exemptions such as Head of Family (2000) or Veteran’s exemptions ($4,000 each).
Q. What are the property tax rates in New Mexico?
A. Composite mill rates by area as of 2012 ranged from $26.020 to $41.756 per $1,000 of net taxable value of your property, depending on the type and location of the property.
Q. What does property valuation mean?
A. The valuation set for property by the County Assessor is an estimate of the market value of your property, i.e., your residence, vacant land, commercial property, or other taxable property.
Q. How are the changes in the value of my property determined?
A. The Assessor is required by state law to value property at 100 percent of current market value as determined by sales of comparable property (7-36-15 NMSA 1978).
