too many variables, where in New Mexico are you hunting? North? south? East West? what is nearest town, and we can help more...

as to 300 acres issue, and the $500 for a tag...the tag is the smallest cost...you will spend more on travel to and from...

is your tag landowner and can only hunt the 300 acre ranch? are ayou near state or federal lands? However, if your 300 acres is the only source of water for 15 miles around (stock tank, or pond) then it might be an ideal location...again, not enough shared for us to really help out much...

either give us more detail, or have fun and dont fret at all about the tag cost, it is always the least thing to worry about...to put it in perspective, in MT the tag is substantially more than that, and your odds of getting an elk is 7% (statewide average)