Question
I have lived in Albuquerque, NM for a year and inherited a yard full of rosebushes.  However this year they are really taking over the yard (more specifically the paths they border.)

How FAR can I cut them back safely and at what point of the season if I hope for them to come back in all their glory next year?

There are a variety of types and colors.

Answer
Because most people grow hybrid teas and floribundas, it is safe to assume that your roses will properly be one or the other and both can be pruned back hard. Spring is when roses are pruned but that is assuming you get enough cold weather to make leaves drop and put the plant into dormancy. Pruning always activates a rose bush into making new growth which was cut off so if it is done when there may be a chance of cold weather, the new growth will be killed and could also jepordise the whole bush. So anytime after the leaves drop and there is no more cold weather is fine to prune.
Next spring before the roses start to leaf out, cut back to the ground all dead, diseased and frail growth. Canes that are thinner than a pencil are considered frail. A rose only needs 5 to 7 canes as more canes means the energy goes to the canes not the flowers. Then cut the whole bush back to about 14 inches. The rose will make about 18 inches of growth in 6 weeks, even more if the summer is long and hot. Rose gradeners should always have clippers in their pockets and when a rose outgrows it's allotted space, they can then simply cut it back. The exception to the rule is climbers. They only need to be kept in check if they get too tall or too wide. Cutting a climber back hard could make it revert to growing as a bush. Hope this helps. Lynnette