Example of Bernalillo County Property Tax Calculation
Bernalillo County Property Tax is calculated based on the assessed value of a property. For example, if a property is assessed at $100,000, and the tax rate is 1%, the property tax would be $1,000 per year.
To determine the assessed value of a property, the County Assessor's office takes into account a number of factors, including the size and condition of the property, the value of comparable properties in the area, and any improvements or renovations made to the property.
Once the assessed value is determined, the property tax rate is applied. This rate is set by the County Commission and can vary from year to year. Property owners can view their tax bill online and pay it online or in person at the County Treasurer's office.
It's important to note that property taxes are used to fund essential services such as schools, emergency services, and infrastructure projects in Bernalillo County.
If you want appeal your property tax assessment - contact your local tax assessor.
Bernalillo County Property Tax Rates
Bernalillo County Property Tax Rates (as of 2021):
| Tax | Rate per $100 of Assessed Value |
|---|---|
| General Property Tax | $0.4977 |
| Library Tax | $0.0409 |
| Community College Tax | $0.3956 |
| City of Albuquerque Tax | $1.2383 |
| Albuquerque Public Schools Tax | $2.8903 |
Note: The rates above are per $100 of assessed value. Assessed value is typically determined by the county assessor's office and is based on the market value of the property. Property owners in Bernalillo County may be subject to additional taxes and fees, such as special assessments for local projects. It is recommended that property owners consult with a tax professional to ensure they are aware of all applicable taxes and fees.
Who sets property tax rates in Bernalillo County ?
Property Tax Rates in Bernalillo County
Property tax rates in Bernalillo County, located in the state of New Mexico, are set by various entities at different times. Here is a breakdown:
| Entity | When Rates are Set |
|---|---|
| Bernalillo County Assessor | Annually, on or before April 1 |
| Bernalillo County Commission | Annually, in May |
| School Districts | Annually, in June or July |
| City of Albuquerque | Annually, in August |
| State of New Mexico | Annually, in September |
The rates are based on the assessed value of the property, which is determined by the Bernalillo County Assessor. It is important to note that property tax rates are subject to change each year, depending on the needs of each entity and the property values in the county.
As a tax advisor, it is recommended that property owners in Bernalillo County stay informed about the property tax rates and any changes that may affect their tax liability. They can contact the Bernalillo County Assessor's office or consult with a tax professional for assistance.
Homestead exemptions in Bernalillo County ?
To provide information on Homestead exemptions and deductions in Bernalillo County, New Mexico, the following table has been created:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Veteran's Exemption | Veteran, Veteran's spouse or unmarried surviving spouse | Up to $4,000 of the taxable value of the property | Must have served in the armed forces for at least 90 days and received an honorable discharge |
| Head of Family Exemption | Head of household | Up to $2,000 of the taxable value of the property | Must be the sole provider for a dependent |
| Elderly and Disabled Exemption | Resident who is 65 years or older or permanently disabled | Up to $4,000 of the taxable value of the property | Must have a household income of less than $32,000 per year |
| Low-Income Exemption | Resident who meets the income requirements | Up to 50% reduction of the taxable value of the property | Must have a household income of less than $32,000 per year |
It is important to note that these exemptions are specific to Bernalillo County and may differ in other counties within New Mexico. Additionally, eligibility requirements and amounts may change over time, so it is important to check with the Bernalillo County Assessor's office for the most up-to-date information.
When is Bernalillo County Property Tax due ?
Bernalillo County Property Tax is typically due on November 10th of each year. However, if November 10th falls on a weekend or holiday, the deadline is extended to the next business day.
There are several payment methods available to property owners in Bernalillo County. Here is a table outlining the different options:
| Payment Method | Description |
|---|---|
| Online | Property owners can pay their taxes online using a credit card or e-check. A convenience fee is charged for this service. |
| Payments can be mailed to the Bernalillo County Treasurer's Office. The address is listed on the tax bill. | |
| In-Person | Property owners can pay in person at the Bernalillo County Treasurer's Office or at a participating bank or credit union. Cash, check, and credit cards are accepted. |
| Drop Box | There are drop boxes located outside the Bernalillo County Treasurer's Office and at participating banks and credit unions. Payments must be in a sealed envelope and include the tax bill or property identification number. |
It is important to note that failure to pay property taxes on time can result in penalties and interest charges. Property owners should also be aware of any exemptions or credits they may qualify for, such as the veteran's exemption or the low-income freeze.
If you have more questions - contact your local tax collector.
How is Bernalillo County Property Tax penalty calculated ?
Bernalillo County Property Tax Penalties Explained
Property taxes are a necessary aspect of owning a home, but sometimes they can become overwhelming. Bernalillo County has set up specific rules and regulations to calculate property tax penalties for unpaid taxes. Here's how it works:
Penalty Calculation
Bernalillo County uses a formula to calculate the penalty for unpaid taxes. The formula is as follows:
- 1% of the unpaid tax amount if paid within 30 days after the due date
- An additional 1% per month on the unpaid tax amount for each month outstanding after the first 30 days
For example, if someone owes $2,000 in property taxes and misses the payment deadline, the penalty calculation would look like this:
- After 30 days: $20 (1% of $2,000)
- After 60 days: $40 (an additional 1% of $2,000)
- After 90 days: $60 (an additional 1% of $2,000)
Interest Calculation
In addition to the penalties, Bernalillo County also charges interest on the unpaid tax amount. The interest rate is set by the state of New Mexico and is currently 5% per year, calculated monthly.
Using the same example as above, the interest calculation would look like this:
- After 30 days: $8.33 ($2,000 x 5% / 12 = $8.33)
- After 60 days: $16.67 ($2,000 x 5% / 12 x 2 = $16.67)
- After 90 days: $25.00 ($2,000 x 5% / 12 x 3 = $25.00)
Total Amount Due
To calculate the total amount due, add the original unpaid tax amount, penalties, and interest together. Using the same example as above, the total amount due would be:
- After 30 days: $2,028.33 ($2,000 + $20 + $8.33)
- After 60 days: $2,056.67 ($2,000 + $40 + $16.67)
- After 90 days: $2,085.00 ($2,000 + $60 + $25.00)
Conclusion
It's important to pay property taxes on time to avoid penalties and interest charges. If someone does miss the payment deadline, they should be aware of the penalties and interest charges they may face. By understanding the Bernalillo County penalty calculation formula, homeowners can avoid unnecessary expenses and keep their property taxes under control.
We recommend contacting the Bernalillo County Tax Office or a local tax professional for the most up-to-date and accurate information.