Bernalillo, New Mexico Property Taxes
The median property tax rate in Bernalillo, NM is 0.90%, slightly lower than the national median of 0.99% but higher than New Mexico's state median of 0.86%. With the median home value in Bernalillo at $106,447, the typical annual property tax bill amounts to $1,133, which is below the national median of $2,690. Property taxes in Bernalillo are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Bernalillo'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 Bernalillo or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bernalillo, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$958
Ownwell’s Bernalillo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bernalillo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bernalillo 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 Bernalillo, New Mexico
Property taxes in Bernalillo, New Mexico, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bernalillo is 0.90%, slightly lower than the U.S. national median of 0.99%. Local government entities within Bernalillo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bernalillo 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 Bernalillo's effective property tax rate to other counties in New Mexico and the national median. For comparison, the 87004 zip code has the highest median property tax rate of 0.90%, while the same zip code also has the lowest median tax rate of 0.90%. Understanding how these areas compare with Bernalillo provides valuable insights into the varying tax landscape across Sandoval County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bernalillo Tax Rate
0.90%
Average Sandoval County Tax Rate
1.19%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bernalillo, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87004 | 0.70% | 0.87% | 0.90% | 1.04% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Bernalillo, New Mexico
In Bernalillo, 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 Sandoval 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. In Bernalillo, 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. The median home price in Bernalillo is $106,447, with tax bills ranging from $367 at the 25th percentile to $3,114 at the 90th percentile. The zip code 87004 has both the highest and lowest median tax bill at $1,133. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bernalillo Assessed Value
$106,447
Average Sandoval County Assessed Value
$190,579
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bernalillo, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87004 | $8,683 | $34,609 | $106,447 | $241,224 | $338,439 |
Source: Ownwell
Property Tax Bills Across Bernalillo, New Mexico
In Bernalillo, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. The assessed value is a percentage of the market value, reflecting what the property might sell for under normal conditions. This value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including property size, location, and any improvements made to the home. Homeowners in Bernalillo can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is $367, while at the 75th percentile, it rises to $2,295. The 90th percentile tax bill reaches $3,114, indicating a broad range of possible tax obligations. The median home price in the area is $106,447, which helps contextualize these figures. Compared to the national median property tax rate of 0.99%, Bernalillo’s property tax rates can be seen as relatively moderate, impacting homeowners' annual financial planning and overall cost of living.
Average Bernalillo Tax Bill
$1,133
Average Sandoval County Tax Bill
$2,213
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Bernalillo, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87004 | $74 | $367 | $1,133 | $2,295 | $3,114 |
Source: Ownwell