Connecticut vs New Mexico
New Mexico
Property Tax Comparison: Connecticut vs. New Mexico
Both Connecticut and New Mexico levy property taxes that fund local services such as schools, roads, and public safety. The two states differ substantially in tax rates, home values, and household incomes. The data below come from the U.S. Census Bureau's 2023 American Community Survey (5‑year estimates).
Side‑by‑side Metrics
| Metric | Connecticut | New Mexico |
|---|---|---|
| Effective property tax rate | 1.92 % | 0.72 % |
| Median home value | $343,200 | $232,200 |
| Median annual property tax | $6,575 | $1,669 |
| Tax on a $250,000 home | $4,789 | $1,797 |
| Tax on a $500,000 home | $9,579 | $3,594 |
| Median household income | $93,760 | $62,125 |
Sources: According to the U.S. Census Bureau's 2023 American Community Survey (5‑year estimates).
Which State Has the Lower Property Tax Burden?
Winner (lower tax rate): New Mexico
- Effective tax‑rate difference: 1.20 percentage points, which is a 62.48 % lower rate than Connecticut’s.
- Annual tax difference on a $250,000 home: $2,992 less in New Mexico.
- Annual tax difference on a $500,000 home: $5,985 less in New Mexico.
The lower effective rate in New Mexico translates into substantially smaller annual property‑tax bills across a range of home values. This outcome is driven by both the lower rate (0.72 % vs. 1.92 %) and the lower median home values in New Mexico.
Who Might Find This Comparison Most Relevant?
| Audience | Relevance of the Comparison |
|---|---|
| Current homeowners | Understanding how their existing tax bill compares to a potential move. |
| Prospective homebuyers | Evaluating total housing costs, especially when budgeting for property taxes in addition to mortgage payments. |
| Retirees | Assessing affordability of long‑term residence, since property taxes can be a significant fixed expense in retirement. |
| Real‑estate investors | Estimating operating costs for rental properties or portfolio acquisitions. |
| Policy analysts | Comparing state‑level tax structures and their relationship to median incomes and home values. |
The data are purely descriptive; they do not account for other fiscal factors such as state income taxes, sales taxes, or local tax exemptions that may affect overall tax burden.
Additional Resources
- For a deeper look at Connecticut’s property‑tax system, see the Connecticut property tax article.
- For details on New Mexico’s property‑tax framework, refer to the New Mexico property tax page.
Based on the most recent ACS estimates, New Mexico’s effective property‑tax rate is considerably lower than Connecticut’s, resulting in smaller annual tax payments for comparable home values.
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.