Los Ranchos De Albuquerque, New Mexico Property Taxes
The median property tax rate in Los Ranchos de Albuquerque, NM is 1.23%, considerably higher than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Los Ranchos de Albuquerque at $590,060, the typical annual property tax bill reaches $7,279, exceeding the national median of $2,690. Property taxes in Los Ranchos de Albuquerque are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Los Ranchos de Albuquerque's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Los Ranchos de Albuquerque or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Los Ranchos De Albuquerque, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.23%
Estimate Property Tax Bill
$7,258
Ownwell’s Los Ranchos de Albuquerque Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Los Ranchos de Albuquerque with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Los Ranchos de Albuquerque to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Los Ranchos De Albuquerque, New Mexico
Property taxes in Los Ranchos de Albuquerque, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Los Ranchos de Albuquerque is 1.23%, significantly higher than the U.S. national median of 0.99%. Local government entities within Los Ranchos de Albuquerque set these rates annually, and they can vary significantly across different neighborhoods. Each year, Los Ranchos de Albuquerque estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Los Ranchos de Albuquerque's effective property tax rate to other areas in Bernalillo County and the national median. For comparison, the zip code 87107 has the highest median property tax rate of 1.23%, while the same zip code also has the lowest median tax rate of 1.23%. Understanding how these areas compare with Los Ranchos de Albuquerque provides valuable insights into the varying tax landscape across Bernalillo County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Los Ranchos De Albuquerque Tax Rate
1.23%
Average Bernalillo County Tax Rate
1.38%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Los Ranchos De Albuquerque, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87107 | 1.23% | 1.23% | 1.23% | 1.24% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across Los Ranchos De Albuquerque, New Mexico
In Los Ranchos de Albuquerque, New Mexico, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Bernalillo County Assessor's Office for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. Assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Los Ranchos de Albuquerque helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $7,279, found in the 87107 zip code.
Property Tax Assessment Values Across Los Ranchos De Albuquerque, New Mexico
Source: Ownwell
$69,800
$329,930
$590,060
Average Los Ranchos De Albuquerque Assessed Value
$590,060
Average Bernalillo County Assessed Value
$164,969
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Los Ranchos De Albuquerque, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87107 | $389,105 | $444,926 | $590,060 | $752,358 | $861,109 |
Source: Ownwell
Property Tax Bills Across Los Ranchos De Albuquerque, New Mexico
In Los Ranchos de Albuquerque, property tax bills are calculated based on the assessed value of a home, which is determined by the Bernalillo County Assessor's Office. The assessed value typically represents a percentage of the property's market value. Factors influencing this value include the property's location, size, and condition. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. For homeowners in Los Ranchos de Albuquerque, the median home price is $590,060. Property tax bills can vary significantly, with the 25th percentile tax bill at $5,471 and the 75th percentile at $9,302. At the 90th percentile, tax bills can reach $10,658. These figures indicate that the property tax rate in this area is higher than the national median property tax rate of 0.99%. Understanding these factors is crucial for homeowners as it directly impacts their annual expenses and overall financial planning.
Average Los Ranchos De Albuquerque Tax Bill
$7,279
Average Bernalillo County Tax Bill
$2,460
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Los Ranchos De Albuquerque, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87107 | $4,775 | $5,471 | $7,279 | $9,302 | $10,658 |
Source: Ownwell