Albuquerque, New Mexico Property Taxes
The median property tax rate in Albuquerque, NM is 0.72%, which is 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 at $440,311, the typical annual property tax bill reaches $3,095, surpassing 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
0.72%
Estimate Property Tax Bill
$3,170
$2,942
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 the 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 critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Albuquerque is 0.72%, slightly below 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 Sandoval County and the national median. For comparison, the 87001 zip code has the highest median property tax rate of 0.76%, while the 87122 zip code has the lowest median tax rate of 0.72%. Understanding how these areas compare with Albuquerque 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 Albuquerque Tax Rate
0.72%
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 Albuquerque, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87001 | 0.76% | 0.76% | 0.76% | 0.76% | 0.76% |
| 87122 | 0.71% | 0.71% | 0.72% | 0.72% | 0.72% |
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 Sandoval 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. 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. For instance, the median home price in Albuquerque is $440,311, with tax bills ranging from $2,284 at the 25th percentile to $3,573 at the 75th percentile. The highest median tax bill is found in zip code 87122, amounting to $3,141. 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
$440,311
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 Albuquerque, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87001 | $3,924 | $3,924 | $3,924 | $3,924 | $3,924 |
| 87122 | $227,262 | $344,854 | $452,778 | $506,843 | $548,799 |
Source: Ownwell
Property Tax Bills Across Albuquerque, New Mexico
In Albuquerque, located in Sandoval County, NM, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the market value of the home. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including the property's size, location, and condition. For homeowners in Albuquerque, the median home price is $440,311, and property tax bills can vary significantly. At the 25th percentile, homeowners pay around $2,284, while at the 75th percentile, the tax bill rises to approximately $3,573. The 90th percentile sees tax bills reaching up to $3,771. These property taxes fund essential public services such as schools, emergency services, and infrastructure. Compared to the national median property tax rate of 0.99%, Albuquerque homeowners experience a range of tax obligations that reflect the diverse property values within the city.
Average Albuquerque Tax Bill
$3,095
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 Albuquerque, New Mexico
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 87001 | $30 | $30 | $30 | $30 | $30 |
| 87122 | $1,609 | $2,380 | $3,141 | $3,574 | $3,781 |
Source: Ownwell