The Ultimate Guide to Understanding Albuquerque Property Taxes

Whether you’re buying your first home or planning to sell, understanding property taxes in Albuquerque is essential. Property taxes affect your monthly mortgage payment, long-term financial planning, and even your home’s market value.

This guide breaks down how property taxes work in Bernalillo County and surrounding areas so you can feel confident navigating costs and planning ahead.

How Property Taxes Work in Albuquerque

Property taxes in Albuquerque are primarily managed at the county level (Bernalillo County). These taxes support essential public services such as:

• Schools

• Road maintenance

• Fire and police departments

• Libraries

• Parks and community services

Your annual bill is determined by two main components:

1. Assessed Value of Your Home

Bernalillo County assesses your property at one-third of its market value.
For example, if your home’s market value is $300,000, the assessed value is $100,000.

2. Mill Levy Rate

The mill levy is a tax rate applied to the assessed value. Mill levies vary by:

• School district

• City/village limits

• Special assessment districts

The combined mill levy determines the final amount you pay.

Average Property Tax Rates in Albuquerque

New Mexico is known for having relatively low property taxes compared to many other states. Most Albuquerque homeowners pay between 0.7% and 1.1% of their property’s market value annually.

This means:

• A $250,000 home = roughly $1,750–$2,750 per year

• A $400,000 home = roughly $2,800–$4,400 per year

Your exact tax amount depends on your neighborhood’s specific levy.

What Can Affect Your Property Tax Bill?

1. Home Improvements

Major renovations can increase your assessed value and, in turn, your taxes.

2. Market Conditions

If home values rise across your neighborhood, your assessed value may also increase.

3. Location

Different school districts and city limits have different mill rates.

4. Special Assessments

Some areas include additional taxes for improvements, utilities, or community projects.

5. Exemptions and Deductions

New Mexico offers several exemptions that can reduce your property tax bill, including:

• Head-of-household

• Veteran exemptions

• 65+ low-income exemption

These can significantly impact what you pay.

When Property Taxes Are Due in Bernalillo County

Property taxes are billed annually but paid in two installments:

• First Half Due: November 10

• Second Half Due: April 10

Mortgage lenders often include property taxes in your monthly payment through an escrow account — meaning they handle the payments for you.

How to Lower Your Property Taxes

You can’t control the mill levy, but you can influence your assessed value and exemptions.

1. Review Your Annual Assessment Notice

If you believe your home is over-valued, you can file an appeal with the county assessor.

2. Apply for Eligible Exemptions

Many homeowners forget to claim available tax reductions. These can save hundreds per year.

3. Consider Timing for Home Improvements

Major upgrades may raise your assessment. Plan strategically if you’re concerned about tax increases.

Final Thoughts

Understanding Albuquerque property taxes gives you a clearer picture of your homeownership costs and helps you make confident financial decisions. Whether you're buying, selling, or simply planning ahead, knowing how taxes are calculated can save you time, stress, and money.

If you’d like personalized guidance on taxes, home values, or the Albuquerque housing market, I’m here to help.

FAQs About Albuquerque Property Taxes

Q: Are Albuquerque property taxes higher or lower than the national average?
A: They’re lower than the national average, making Albuquerque more affordable for homeowners.

Q: Do property taxes change every year?
A: They can. Changes in market value, mill levy adjustments, or home improvements may alter your annual bill.

Q: Can I appeal my property tax assessment?
A: Yes. Bernalillo County allows appeals if you believe your assessed value is inaccurate.

Q: Are taxes different in Rio Rancho or Corrales?
A: Yes. Each county has its own mill rates, so taxes vary between Albuquerque, Rio Rancho, the East Mountains, and Corrales.

Q: Do seniors get property tax reductions?
A: Yes. New Mexico offers a low-income exemption for homeowners age 65+ that can significantly reduce taxes.