Albuquerque, New Mexico Property Taxes
The median property tax rate in Albuquerque, NM is 0.65%, which is considerably lower than both the national median of 0.99% and the New Mexico state median of 0.86%. With the median home value in Albuquerque, the typical annual property tax bill reaches $95, significantly below the national median of $2,690. Property taxes in 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 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 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
Albuquerque, New Mexico Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$80
Ownwell’s Albuquerque Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Albuquerque with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Albuquerque to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes and includes any applicable exemptions.
Property Tax Rates Across Albuquerque, New Mexico
Property taxes in Albuquerque, New Mexico, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Albuquerque is 0.65%, which is lower than the U.S. national median of 0.99%. Local government entities within Albuquerque set these rates annually, and they can vary significantly across different neighborhoods. Each year, 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 Albuquerque's effective property tax rate to other areas in New Mexico and the national median. For comparison, the 87105 zip code has the highest median property tax rate of 0.81%, while the 87123 zip code has the lowest median tax rate of 0.65%. Understanding how these areas compare with Albuquerque provides valuable insights into the varying tax landscape across Santa Fe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Albuquerque Tax Rate
0.65%
Average Santa Fe County Tax Rate
0.55%
Average New Mexico Tax Rate
0.86%
Average United States Tax Rate
0.99%
Property Tax Rates Across Albuquerque, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87105 | 0.81% | 0.81% | 0.81% | 0.81% | 0.81% |
| 87107 | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| 87110 | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| 87111 | N/A | N/A | N/A | N/A | N/A |
| 87121 | 0.45% | 0.58% | 0.78% | 0.78% | 0.78% |
| 87123 | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
Source: Ownwell
Property Tax Assessment Values Across Albuquerque, New Mexico
In 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 Santa Fe County Appraisal District 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 in Albuquerque 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. Albuquerque's highest median tax bill is $955.00 in the 87107 zip code, while the lowest median tax bill is $189.00 in the 87105 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Albuquerque Assessed Value
$12,323
Average Santa Fe County Assessed Value
$365,234
Average New Mexico Assessed Value
$121,540
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Albuquerque, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87105 | $23,294 | $23,294 | $23,294 | $23,294 | $23,294 |
| 87107 | $145,938 | $145,938 | $145,938 | $145,938 | $145,938 |
| 87110 | $1,932 | $1,932 | $1,932 | $1,932 | $1,932 |
| 87111 | N/A | N/A | N/A | N/A | N/A |
| 87121 | $12,156 | $12,218 | $12,323 | $12,648 | $12,842 |
| 87123 | $6,251 | $6,251 | $6,251 | $6,251 | $6,251 |
Source: Ownwell
Property Tax Bills Across Albuquerque, New Mexico
In Albuquerque, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's market value, location, and any improvements made to the property. For homeowners in Albuquerque, property tax bills can vary significantly. The 25th percentile tax bill is around $43, while the 75th percentile tax bill is approximately $146. At the 90th percentile, homeowners can expect to pay around $496. The zip code with the highest median tax bill is 87107, where it reaches $955, while the lowest median tax bill is in zip code 87105, at $189. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Understanding how these taxes are calculated helps homeowners plan and manage their finances more effectively.
Average Albuquerque Tax Bill
$95
Average Santa Fe County Tax Bill
$1,886
Average New Mexico Tax Bill
$1,192
Average United States Tax Bill
$2,690
Property Tax Bills Across Albuquerque, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87105 | $189 | $189 | $189 | $189 | $189 |
| 87107 | $955 | $955 | $955 | $955 | $955 |
| 87110 | $13 | $13 | $13 | $13 | $13 |
| 87111 | N/A | N/A | N/A | N/A | N/A |
| 87121 | $55 | $70 | $95 | $98 | $100 |
| 87123 | $41 | $41 | $41 | $41 | $41 |
Source: Ownwell