Taxes in Farmington
Farmington's tax picture combines a genuinely low effective property tax rate with New Mexico's real, statewide graduated income tax structure.
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Learn moreA genuinely low property tax rate
Farmington's effective property tax rate ran approximately 0.81% per Ownwell -- below the national median (~1.02%) and below the New Mexico statewide median cited alongside it (~0.86%).
New Mexico's real, current 6-bracket income tax
New Mexico taxes income across 6 brackets for 2026 (1.5% to 5.9%), with the top rate applying only above $210,000 single/$315,000 married-filing-jointly.
A real, disclosed Social Security exemption
New Mexico fully exempts Social Security income from state tax for taxpayers with federal AGI below $100,000 single/$150,000 married-filing-jointly, phasing out above those thresholds.
Key takeaways
- Farmington's effective property tax rate (~0.81%) runs below both the national and NM statewide medians.
- New Mexico's 6-bracket 1.5%-5.9% income tax (2026) applies statewide.
- Social Security is exempt below defined income thresholds; confirm exact figures with a tax professional.
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