Florida vs New Mexico
New Mexico
Florida vs. New Mexico – Property‑Tax Comparison (2023 ACS)
Intro
Both Florida and New Mexico levy property taxes at the local level, and the rates can affect the overall cost of home ownership. According to the U.S. Census Bureau's 2023 American Community Survey (5‑year estimates), New Mexico has a slightly lower effective property‑tax rate than Florida. The following side‑by‑side table and analysis present the key metrics used for the comparison.
Side‑by‑side comparison
| Metric (2023 ACS) | Florida | New Mexico |
|---|---|---|
| Effective property‑tax rate | 0.79 % | 0.72 % |
| Median home value | $325,000 | $232,200 |
| Median annual property tax | $2,555 | $1,669 |
| Property tax on a $250,000 home | $1,966 | $1,797 |
| Property tax on a $500,000 home | $3,931 | $3,594 |
| Median household income | $71,711 | $62,125 |
| Internal link | Florida property tax | New Mexico property tax |
Which state “wins” on property tax?
- Winner (lower rate): New Mexico
- Rate difference: 0.07 percentage points, which is an 8.57 % lower effective rate than Florida (0.72 % vs 0.79 %).
- Annual tax difference on a $250,000 home: $1,966 – $1,797 = $169 lower in New Mexico.
- Annual tax difference on a $500,000 home: $3,931 – $3,594 = $337 lower in New Mexico.
Why New Mexico leads: The lower effective tax rate (0.72 % vs. 0.79 %) directly reduces the dollar amount of tax levied on a given property value, resulting in the modest but consistent savings shown above.
Who is likely to benefit most from this comparison?
| Audience | Relevance of the data |
|---|---|
| Current homeowners | Understanding the annual tax burden helps in budgeting and evaluating potential relocation costs. |
| Prospective homebuyers | The effective tax rate and median tax amounts give a clearer picture of total housing costs beyond the purchase price. |
| Retirees | Property taxes are a fixed expense; a lower rate can be significant for those on fixed incomes. |
| Real‑estate investors | Tax rate differences affect cash‑flow projections for rental properties or portfolio acquisitions. |
| Policy analysts | The figures provide a baseline for comparing fiscal policy impacts across states. |
All figures are presented without adjustment for state‑level exemptions, assessment practices, or local variations that may exist within each state. For a more detailed breakdown of local rates and possible exemptions, refer to the linked state‑specific pages.
Sources
- According to the U.S. Census Bureau's 2023 American Community Survey (5‑year estimates).
- Based on the most recent ACS estimates, the effective property‑tax rates and median values shown above are the best available statewide averages.
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.