New Mexico property tax deduction estimator
Estimate how property taxes affect your federal itemized deduction.
How this estimator works
Step 1 adds your property tax and other SALT payments, then applies the $10,000 cap.
Step 2 combines capped SALT with mortgage interest and other itemized deductions. The result is compared to the standard deduction for your filing status.
Frequently asked questions
Do New Mexico property taxes affect state tax?
Property taxes are part of the federal SALT deduction, not a New Mexico income tax deduction.
What if I already take the standard deduction?
You would not benefit from itemizing unless itemized deductions exceed the standard deduction.
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Federal SALT rules apply. Not legal or tax advice.