Alaska vs New Mexico
New Mexico
Property Tax Comparison: Alaska vs. New Mexico
According to the U.S. Census Bureau's 2023 American Community Survey (5‑year estimates), Alaska and New Mexico have noticeably different property‑tax environments. Alaska’s effective property‑tax rate is 1.14 %, while New Mexico’s rate is 0.72 %. The lower rate in New Mexico translates into lower annual taxes for typical home values, even though median home values and household incomes also differ between the two states.
Side‑by‑side comparison of key metrics
| Metric | Alaska | New Mexico |
|---|---|---|
| Effective property‑tax rate | 1.14 % | 0.72 % |
| Median home value | $333,300 | $232,200 |
| Median annual property tax | $3,785 | $1,669 |
| Property tax on a $250,000 home | $2,839 | $1,797 |
| Property tax on a $500,000 home | $5,678 | $3,594 |
| Median household income | $89,336 | $62,125 |
| Internal link | Alaska property tax | New Mexico property tax |
All figures are derived from the 2023 ACS 5‑year estimates.
Which state “wins” on property tax?
New Mexico has the lower effective property‑tax rate (0.72 % vs. 1.14 %).
- Rate difference: 0.42 % points, which is a 36.70 % lower rate than Alaska’s.
- Annual tax difference for a $250,000 home: $1,042 less in New Mexico.
- Annual tax difference for a $500,000 home: $2,084 less in New Mexico.
Because the comparison is based on the effective tax rate, New Mexico consistently yields lower property‑tax liabilities across the sample home values.
Who is likely to benefit from this comparison?
| Audience | Relevance of the comparison |
|---|---|
| Current and prospective homeowners | Lower annual taxes can affect affordability and cash‑flow calculations when purchasing a home. |
| Retirees and fixed‑income households | Reduced property‑tax burdens may be especially important for those relying on limited income. |
| Real‑estate investors | Property‑tax expense is a key component of total ownership cost; a lower rate improves net returns. |
| Policy analysts / researchers | The data illustrate how state‑level tax structures vary, providing a basis for further fiscal analysis. |
The comparison is most useful for individuals evaluating the overall cost of home ownership in these two states, rather than for assessing broader tax policy or services funded by property taxes.
Summary
Based on the most recent ACS estimates, New Mexico’s effective property‑tax rate of 0.72 % is lower than Alaska’s 1.14 %. This results in consistently smaller annual tax bills for typical home values, making New Mexico the “winner” when the sole criterion is the property‑tax rate. The information is relevant primarily to homeowners, retirees, and investors who need to factor property taxes into budgeting and financial planning.
Explore More Comparisons
Discover how property taxes compare across all states in our comprehensive comparison guide.
Data Source
All figures are drawn from the U.S. Census Bureau's 2023 American Community Survey (5‑year estimates). This comprehensive dataset provides reliable, standardized property tax information across all states.