Albuquerque, New Mexico Property Taxes
The median property tax rate in Albuquerque, NM is 1.38%, 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 Albuquerque at $164,600, the typical annual property tax bill reaches $2,464, just 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
$2,500,000
$5,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$1,720
Ownwell’s Albuquerque Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Albuquerque with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in 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 Bernalillo County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Albuquerque, New Mexico
Property taxes in Albuquerque, New Mexico, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Albuquerque is 1.38%, higher 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 Bernalillo County and the national median. For comparison, the 87104 zip code has the highest median property tax rate of 1.55%, while the 87122 zip code has the lowest median tax rate of 1.04%. Understanding how these areas compare with 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 Albuquerque Tax Rate
1.38%
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 Albuquerque, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87101 | N/A | N/A | N/A | N/A | N/A |
| 87102 | 1.31% | 1.41% | 1.49% | 1.59% | 1.59% |
| 87104 | 1.47% | 1.52% | 1.55% | 1.57% | 1.59% |
| 87105 | 1.04% | 1.14% | 1.18% | 1.35% | 1.54% |
| 87106 | 1.34% | 1.37% | 1.38% | 1.42% | 1.42% |
| 87107 | 1.18% | 1.48% | 1.53% | 1.56% | 1.59% |
| 87108 | 1.32% | 1.35% | 1.37% | 1.39% | 1.42% |
| 87109 | 1.35% | 1.37% | 1.38% | 1.42% | 1.42% |
| 87110 | 1.34% | 1.36% | 1.37% | 1.38% | 1.42% |
| 87111 | 1.36% | 1.38% | 1.39% | 1.40% | 1.42% |
| 87112 | 1.35% | 1.36% | 1.37% | 1.39% | 1.42% |
| 87113 | 1.04% | 1.37% | 1.39% | 1.40% | 1.42% |
| 87114 | 1.01% | 1.21% | 1.38% | 1.39% | 1.55% |
| 87116 | N/A | N/A | N/A | N/A | N/A |
| 87120 | 1.35% | 1.36% | 1.38% | 1.42% | 1.42% |
| 87121 | 1.04% | 1.33% | 1.35% | 1.36% | 1.42% |
| 87122 | 1.03% | 1.03% | 1.04% | 1.39% | 1.40% |
| 87123 | 1.33% | 1.36% | 1.38% | 1.42% | 1.42% |
| 87124 | N/A | N/A | N/A | N/A | N/A |
| 87195 | N/A | N/A | N/A | N/A | N/A |
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 Bernalillo County Assessor 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 Albuquerque, 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 Albuquerque helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill is $5,568 in the 87122 zip code, while the lowest is $1,375 in the 87105 zip code.
Average Albuquerque Assessed Value
$164,600
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 Albuquerque, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87101 | N/A | N/A | N/A | N/A | N/A |
| 87102 | $59,006 | $80,768 | $114,639 | $164,882 | $220,000 |
| 87104 | $20,000 | $113,517 | $171,470 | $255,950 | $408,740 |
| 87105 | $4,800 | $29,588 | $93,000 | $129,698 | $185,444 |
| 87106 | $46,900 | $139,315 | $194,410 | $260,968 | $332,906 |
| 87107 | $14,100 | $100,367 | $146,558 | $219,848 | $331,624 |
| 87108 | $43,796 | $95,374 | $138,327 | $194,153 | $273,570 |
| 87109 | $10,900 | $65,600 | $178,816 | $228,410 | $299,722 |
| 87110 | $100,967 | $134,302 | $172,482 | $213,344 | $265,561 |
| 87111 | $148,317 | $188,128 | $232,316 | $330,456 | $484,780 |
| 87112 | $120,089 | $140,884 | $169,538 | $208,042 | $282,092 |
| 87113 | $6,200 | $51,811 | $179,799 | $278,591 | $354,676 |
| 87114 | $90,757 | $158,400 | $199,898 | $247,800 | $304,286 |
| 87116 | N/A | N/A | N/A | N/A | N/A |
| 87120 | $112,780 | $142,683 | $181,412 | $242,712 | $336,242 |
| 87121 | $4,200 | $11,100 | $98,162 | $128,271 | $156,057 |
| 87122 | $292,310 | $381,910 | $488,226 | $617,994 | $755,437 |
| 87123 | $4,600 | $16,200 | $143,645 | $213,299 | $302,242 |
| 87124 | N/A | N/A | N/A | N/A | N/A |
| 87195 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Albuquerque, New Mexico
In Albuquerque, located in Bernalillo County, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and represents a percentage of the property's market value. Various factors such as location, property size, and condition are considered in this assessment. Once the assessed value is established, the local tax rate is applied to determine the tax bill. Homeowners in Albuquerque experience a wide range of property tax bills. For instance, the median home price is $164,600, and the tax bill varies significantly across different percentiles. At the 25th percentile, homeowners might pay around $1,739, while at the 75th percentile, the tax bill can rise to approximately $3,500. For those in the 90th percentile, the tax bill can reach up to $5,132. The highest median tax bill in the area is $5,568 in the 87122 zip code, while the lowest is $1,375 in the 87105 zip code. These variations highlight how property taxes can significantly impact homeowners depending on their property's assessed value and location.
Average Albuquerque Tax Bill
$2,464
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 Albuquerque, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87101 | N/A | N/A | N/A | N/A | N/A |
| 87102 | $866 | $1,197 | $1,793 | $2,669 | $3,764 |
| 87104 | $1,480 | $2,006 | $2,904 | $4,310 | $6,717 |
| 87105 | $634 | $1,011 | $1,375 | $1,914 | $2,786 |
| 87106 | $1,232 | $2,006 | $2,765 | $3,792 | $4,973 |
| 87107 | $1,281 | $1,762 | $2,402 | $3,699 | $5,458 |
| 87108 | $1,035 | $1,435 | $1,975 | $2,853 | $4,109 |
| 87109 | $835 | $1,985 | $2,645 | $3,359 | $4,389 |
| 87110 | $1,388 | $1,848 | $2,388 | $3,003 | $3,852 |
| 87111 | $1,977 | $2,562 | $3,206 | $4,664 | $6,873 |
| 87112 | $1,589 | $1,918 | $2,335 | $2,924 | $4,101 |
| 87113 | $1,019 | $1,835 | $3,106 | $4,135 | $5,171 |
| 87114 | $1,477 | $2,162 | $2,783 | $3,530 | $4,426 |
| 87116 | N/A | N/A | N/A | N/A | N/A |
| 87120 | $1,498 | $1,943 | $2,494 | $3,416 | $5,025 |
| 87121 | $909 | $1,271 | $1,604 | $1,929 | $2,369 |
| 87122 | $3,617 | $4,506 | $5,568 | $6,876 | $8,501 |
| 87123 | $1,453 | $1,884 | $2,456 | $3,745 | $5,010 |
| 87124 | N/A | N/A | N/A | N/A | N/A |
| 87195 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell