New Mexico has no real estate transfer tax, does not require an attorney at closing and imposes only limited seller disclosures. It allows both court and out-of-court foreclosure and is a community property state. Deadline to appeal a property tax assessment: within 30 days of the notice of valuation (some counties mail it with the prior bill; then the later of April 1 or 30 days).
New Mexico in short
Is there a real estate transfer tax in New Mexico?
New Mexico does not tax the transfer of a home in the sources read. The Bernalillo County Clerk records a deed for $25 per document with no tax line, and a homeowner's sale of their own home is exempt from gross receipts tax as an isolated or occasional sale.
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What closing costs does New Mexico law set?
New Mexico has no official typical closing-cost total. It has no transfer tax, recording in Bernalillo County costs $25 per document, and the Superintendent of Insurance sets title prices, such as $100 for a lender's policy issued with an owner's policy.
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How is property tax calculated in New Mexico?
New Mexico taxes one-third of a home's market value. Albuquerque's 2026 residential rate is 48.313 mills, about $6,357 a year on a $400,000 home after the $2,000 head-of-family exemption.
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What is the deadline to appeal a property tax assessment in New Mexico?
In New Mexico, file a protest with the county assessor within 30 days of the notice of valuation (mailed by April 1), the county valuation protests board hears it, and you can appeal its decision to district court.
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Do you need a real estate attorney to close in New Mexico?
The New Mexico statutes and Real Estate Commission rules read do not require a buyer or seller to hire an attorney for a home closing. Companies that hold escrow money for pay need a state escrow license (NMSA 58-22-7).
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What must a home seller disclose in New Mexico?
New Mexico statutes reviewed do not require a seller to complete a property condition form.
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How does foreclosure work in New Mexico?
New Mexico has two paths: a lender can sue in district court, or use the Deed of Trust Act to sell the home at a trustee's sale held at least 90 days after the notice of sale is recorded.
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What first-time home buyer programs does New Mexico offer?
In New Mexico, Housing New Mexico (the New Mexico Mortgage Finance Authority) runs FirstDown, a second mortgage of up to 4% of the price for down payment and closing costs, HomeNow, which gives $7,000 to lower-income buyers, and FirstDown Plus, which adds $10,000.
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Is New Mexico a community property state?
New Mexico is a community property state: property acquired during marriage is presumed community property (NMSA 40-3-12), and both spouses must join in a sale or mortgage of community real estate (NMSA 40-3-13).
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How are title insurance rates set in New Mexico?
New Mexico sets title insurance prices by government order: the Superintendent of Insurance fixes every premium in a title rate case, and agents may not discount or rebate them (13.14.9.8 and 13.14.9.12 NMAC). A lender's policy issued with the owner's policy costs a flat $100.
New Mexico guides
- Closing costs in New Mexico: what buyers and sellers pay
- Transfer tax in New Mexico: is there one when you buy or sell?
- Property tax in New Mexico: rates, cap and exemptions
- What must a home seller disclose in New Mexico?
- Do you need a real estate attorney to close in New Mexico?
- How does foreclosure work in New Mexico?
- Home prices in New Mexico and Albuquerque: median value
- First-time home buyer programs in New Mexico
- How to verify a real estate license in New Mexico
- New Mexico community property: what it means for a home (state-specific topic)
- Title insurance in New Mexico: how rates are set (state-specific topic)