Property tax, transfer tax and closing costs in New Mexico

New Mexico has no statewide real estate transfer tax. Annual valuation as of January 1 with a 3% annual cap on residential valuation increases until a sale.

Reviewed October 15, 2026. Every line links its statute or official source.

What New Mexico sets

Transfer tax: No real estate transfer tax. Source: tax.newmexico.gov
Who customarily pays: Not stated. No official source confirmed this yet.
Local transfer taxes: Not stated. No official source confirmed this yet.
Reassessment cycle: Annual valuation as of January 1 with a 3% annual cap on residential valuation increases until a sale. Source: tax.newmexico.gov
Homestead and other exemptions: Head of family exemption of $2,000 of taxable value, plus veteran and 65-and-over valuation freeze programs. Source: tax.newmexico.gov
Owner’s title policy: Not stated. No official source confirmed this yet.
How closings run: Title company closings are customary. Source: osi.state.nm.us
Survey: Not stated. No official source confirmed this yet.
Other closing customs: Not stated. No official source confirmed this yet.

No statewide transfer tax

On a $248,000 sale in New Mexico the state charges no transfer tax. Recording fees, title and settlement charges still apply.

Typical property tax in New Mexico

Median real-estate tax paid: $1,731 a year
Per month: $144
Median owner-occupied home value: $248,100
Effective rate they imply: 0.70%

Census American Community Survey five-year file, 2020-2024, tables B25103 and B25077, owner-occupied homes. The median bill rose 26% against the 2015-2019 file. An estimate for a typical home, not yours. Your bill depends on the parcel, its exemptions and the next reassessment.

For agents

Your buyers ask what closing costs in New Mexico and who pays. This page answers from the statute, with the date it was checked. Send it, or embed the calculator on your own site.

Ike lets a licensed real estate agent originate the mortgage on the deals they already close. Expected compensation is about 100 basis points per eligible funded loan once licensed and sponsored. Ike is preparing licenses state by state.

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Get the yearly update for your farm area

One email when New Mexico rates, exemptions or transfer taxes change, and when the next reassessment lands.

Sources

Ike Mortgage LLC. NMLS ID pending. For licensing information, go to: www.nmlsconsumeraccess.org. Nothing on this page is a loan payment, rate, term or down payment, and nothing here is a Loan Estimate.