What is the property tax rate in Albuquerque?

The effective property tax rate in Albuquerque is roughly 0.73% of a home's market value. The actual mill levy varies by tax district, but 0.73% is a representative effective rate for the city.

How does New Mexico assess property value?

New Mexico assesses property at one-third (about 33.33%) of its market value. The mill levy is then applied to that assessed value, not the full market value, after any exemptions are subtracted.

What is the homestead exemption in New Mexico?

Owner-occupants who qualify as head of family receive a $2,000 reduction in taxable (assessed) value. Veterans and other groups may qualify for additional exemptions that further lower the bill.

Is this estimate exact?

No. It uses an effective rate and standard assessment rules. Your actual bill depends on your specific tax district mill levy, any valuation caps, and exemptions confirmed by the Bernalillo County Assessor.

Why is the tax based on assessed value rather than market value?

New Mexico law taxes one-third of market value, so the assessed value is the legal tax base. Applying the rate to full market value would overstate the bill threefold.

Albuquerque Property Tax Estimator

This estimator gives a quick annual property tax figure for a home in Albuquerque. It follows New Mexico’s rules: assess at one-third of market value, subtract the homestead exemption, then apply the effective tax rate of about 0.73%.

How it works

New Mexico taxes one-third of market value. The homestead exemption reduces the assessed value before the rate is applied:

assessed_value = market_value / 3
taxable_value  = max(assessed_value - homestead_exemption, 0)
annual_tax     = taxable_value * effective_mill_rate

Because 0.73% is quoted as an effective rate against market value, the tool expresses the levy consistently so the result reflects that effective burden.

Example

A $300,000 home assessed at one-third is $100,000. After a $2,000 homestead exemption the taxable value is $98,000. At the effective rate the annual tax is roughly $2,190.

Notes

This is an estimate. Actual bills vary by tax district mill levy, the New Mexico 3% annual valuation cap, and additional exemptions for veterans and seniors. Confirm figures with the Bernalillo County Assessor before relying on them.