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New Mexico property taxes

Varies

Are Property Taxes Deductible in New Mexico?

Short answer: Yes on your federal return if you itemize, within the $40,400 SALT cap. New Mexico adds its own break: property tax rebate up to $250 (PIT-RC) for owners or renters 65+ with modified gross income of $16,000 or less.

Also: valuation freeze for owners 65+ or disabled with prior-year income under $44,200 (tax year 2026). Homestead: head of family exemption: up to $2,000 off taxable value of your primary residence. New Mexico's rebate is claimed on Schedule PIT-RC and works for renters too, even if you owe no income tax.

Records to keep: Keep receipts, statements, and a note of what each cost was for. Compare itemizing to the 2026 standard deduction ($16,100 single / $32,200 joint) before you claim.