Buying a home in Albuquerque comes with one extra line item to plan for: property taxes. If you are relocating, buying your first home, or managing an estate purchase, you want clear answers on how taxes are calculated and what they mean for your monthly payment. In this guide, you will learn how assessments work, how mill levies turn into a bill, what to expect with escrow, and how to estimate your taxes before you write an offer. Let’s dive in.
How Albuquerque property taxes work
Property taxes in Bernalillo County involve a few different players. The Bernalillo County Assessor sets your property’s assessed value and keeps the official record. The Bernalillo County Treasurer sends the tax bill and collects payments. Multiple local jurisdictions, such as the City of Albuquerque and school districts, adopt budgets and set mill levies that combine into your total tax rate.
The number that matters to you is the combined mill rate for your specific parcel. That rate, applied to your taxable value, determines the bill you owe. For current parcel data and mill information, start at the county’s main portal and use the Assessor and Treasurer sections on the Bernalillo County website.
Assessments and exemptions
Your bill starts with value. Here is the basic terminology you will see:
- Market value: an estimate of what your home would sell for.
- Assessed value: the value assigned by the Assessor under state rules.
- Taxable value: your assessed value after exemptions and credits.
Bernalillo County typically revalues properties on a regular cycle and mails assessment notices. If you are buying, review the current records for your parcel on the county site to see recent assessed values and property details.
Common exemptions that can reduce taxable value include homeowner or homestead, senior, disability, and veteran programs. Program details and eligibility vary. New owners may need to apply, and timing can affect your first bill. For forms, criteria, and application deadlines, visit the Bernalillo County website and navigate to the Assessor’s pages.
Mill levies and your bill
A mill is one dollar of tax for each one thousand dollars of taxable value. In formula form:
- Property tax = Taxable value × (Total mills ÷ 1,000)
Your total mills are the sum of levies from the County, City of Albuquerque, school districts, and any special districts that apply to your parcel. School district levies are often a significant part of a residential tax bill. You can view the most current levy breakdown for a parcel through county resources linked from the Bernalillo County website.
Billing and payment basics
Counties prepare tax rolls annually and issue bills once a year. Some owners pay in installments, depending on county options. Late payments can trigger penalties, interest, and eventually tax liens or sale if left unpaid for an extended period. Check the Treasurer’s section on the Bernalillo County website for the latest bill schedules, payment methods, and any penalty timelines before you budget.
How escrow affects your monthly payment
If you finance your home, your lender will likely collect one-twelfth of your estimated annual property taxes each month in an escrow account. That amount is added to your principal and interest payment. Lenders run an annual escrow analysis and may adjust your monthly payment if taxes change or if there is a shortage.
- Example: If your estimated annual property tax is $3,600, your monthly escrow portion is about $300. Lenders often collect an initial escrow deposit at closing and may keep a small cushion as allowed by federal rules.
If you do not escrow, you will pay the full bill directly and must plan for due dates. Ask your lender which approach applies to your loan and for a projection of your monthly escrow amount.
Estimate your property taxes
Use this simple method to estimate before you make an offer. Always verify final numbers with the county records and your lender.
- Determine purchase price: P.
- Estimate assessed value using the county’s method. If the county uses an assessment ratio, multiply P by that ratio. If not, check recent assessed values for similar homes on the county parcel viewer.
- Subtract your eligible exemptions: E.
- Find the current total mill rate for the parcel: M.
- Calculate annual tax: Taxable value × (M ÷ 1,000).
- Estimate monthly escrow: Annual tax ÷ 12, plus any lender cushion.
Template you can copy:
- Purchase price = P
- Assessed value = P × AR (AR = assessment ratio; confirm with the Assessor)
- Exemptions = E
- Taxable value = (P × AR) − E
- Total mills = M
- Annual property tax = Taxable value × (M ÷ 1,000)
- Monthly escrow portion = Annual tax ÷ 12
Illustrative examples only
These examples are for demonstration. Actual ratios, exemptions, and mills must be confirmed through county sources.
Example A: Purchase price $200,000; assume AR = 0.33; E = $0; M = 45 mills.
- Assessed value = $66,000; Taxable value = $66,000
- Annual tax = $66,000 × 0.045 = $2,970
- Estimated monthly escrow ≈ $248
Example B: Purchase price $350,000; assume AR = 0.33; E = $4,000; M = 48 mills.
- Assessed value = $115,500; Taxable value = $111,500
- Annual tax = $111,500 × 0.048 = $5,352
- Estimated monthly escrow ≈ $446
Example C: Purchase price $600,000; assume AR = 0.33; E = $10,000; M = 50 mills.
- Assessed value = $198,000; Taxable value = $188,000
- Annual tax = $188,000 × 0.050 = $9,400
- Estimated monthly escrow ≈ $783
Appeals and corrections
If you believe your assessed value is too high, start by reviewing your assessment notice and the property details in county records. Data errors, such as square footage or improvement status, can sometimes be corrected informally. If needed, file a formal protest by the county’s deadline and include evidence such as comparable sales, photos that show condition, or a recent appraisal.
Deadlines are short. For current filing windows and forms, go to the Assessor’s pages via the Bernalillo County website. Some appeals may proceed to an administrative hearing and, if necessary, further review.
Before you sign: buyer checklist
- Pull the parcel’s latest assessed value and tax history from the county site.
- Review the most recent tax bill to understand current mills and any special assessments.
- Confirm which exemptions you can claim and when to apply.
- Ask the title or escrow company how taxes will be prorated at closing.
- Check for unpaid taxes or tax liens that must be cleared before settlement.
What to ask your lender
- Will my loan include an escrow account for taxes and insurance?
- What annual tax figure did you use to estimate my monthly escrow?
- Can you show a monthly payment breakdown including the escrow portion?
- How much initial escrow deposit will you collect at closing?
- How will future tax changes affect my payment, and when will you run escrow analysis?
Official resources
- County portal for parcel data, Assessor, and Treasurer services: Bernalillo County website
- City services and context for municipal levies: City of Albuquerque
- Statewide property tax law, rules, and guidance: New Mexico Taxation and Revenue Department
Get local guidance
Understanding assessments, mills, and escrow helps you budget with confidence. If you want help pulling parcel-level data, estimating your monthly payment, or planning around exemptions and deadlines, you can partner with a local advisor who blends neighborhood insight with financial clarity. For calm, step-by-step support on your Albuquerque home search, connect with April Rodas.
FAQs
How do property taxes in Albuquerque get calculated?
- Your taxable value, after exemptions, is multiplied by your parcel’s total mill rate, which is the sum of levies from local jurisdictions. Use county resources on the Bernalillo County website to find current values.
Who sets my home’s assessed value in Bernalillo County?
- The Bernalillo County Assessor assigns assessed values and maintains property records. Start at the Bernalillo County website to access the Assessor’s tools and notices.
Where can I see current mill rates for my address?
- Check your parcel’s page via county resources linked from the Bernalillo County website, which summarize the taxing districts and total mills for that property.
Will my property taxes be part of my mortgage payment?
- Most lenders collect property taxes through escrow, adding one-twelfth of your annual tax to your monthly payment and adjusting after an annual escrow analysis.
What if I think my assessed value is too high?
- Review your notice, contact the Assessor to clarify data, and file a formal protest by the county’s deadline if needed. Appeal steps and forms are available via the Bernalillo County website.
