Question RE: Property Taxes (Albuquerque, Santa Fe: new home, buyers, schools)

[rybert]

What bonds that are expiring? How do those affect your taxes?

[toby19]

The 3% cap here is a cap on your assessed value of your home. Period. If your local government proposes bonds to fund the extra things they have here lately, your taxes will go up. In Rio Rancho your taxes are paid through Sandoval County. Some communities cap that final figure at the bottom of your tax statement. Not so here. State statue #735.1, 7-36-21-2 is the state law that caps your assessed value. We have just had the misfortune to move here when both the city of Rio Rancho and Sandoval County have decided to go on a spending spree. Debbie Hayes at Sandoval County is retiring 12/31/08. She is the Sandoval County Administrator. Her assisstant is Sherrie Doke and her phone number is (505) 867-7538. Good luck getting a honest answer here. The person you want to speak to to explain the tax system here is Larry Polinis. Ask all the right questions like what were all the assessments 2 years ago and also how many have been added to your tax burden the last two years. Also remember that 1/4 of voters here rent, a high number, and that they are not directly paying real estate taxes like homeowners.
The 3% cap came about in London, England in the 80's when some counties spent foolishly and Maggie Thatcher capped real estate taxes at 3%. The cap here is a cap of 3% on your assessed value, nothing more. Grandma is still getting priced out of her home here.

[sesamekid]

I have to say, I am pretty surprised at how high property taxes are in ABQ, and NM. I live in Colorado and you think the taxes would be higher here ... but nope. I pay less than $500 a year for my house which is worth about $180,000 at 2100 square feet. I am not kidding. Taxes are a non-issue in the county I live in. I am thinking of relocating to ABQ, but not too happy to learn about the property taxes there!

[toby19]

It's not so much what they are, but what you are paying for. The 3% cap is not a cap on that final figure at the bottom of the bill you have to pay each year and won't go up more than 3%. The cap is on your assessed property value. If your property value assessment was 100,000 last year your assessed value can't be larger than 103,000 this year. You pay tax on 1/3 of that, your taxable value. If the county commissioners or city councillers put new proposals on the ballot and they are voted in, your taxes go up. You will now pay additional for the new taxes. So when someone tells you your taxes can't go up over 3%, they are wrong. Call the county of Sandoval in my previous post and get the true story from the person I listed there. My taxes will be up 61% next year from last year if they don't add anything more to the ballot, which they are planning. Also 25% of people rent here in residential homes, a high number. They vote yes, as with the economy here rents are low and the owner of the home can't pass the additional taxes he has to pay on to the tennant. Four new major taxes in the last year added and more to come. And not an extra police officer or fireman to show for it.

[Mike Horrell]

Originally Posted by toby19

The cap is on your assessed property value. If your property value assessment was 100,000 last year your assessed value can't be larger than 103,000 this year. You pay tax on 1/3 of that, your taxable value.

And that is a VERY good thing. Where we lived in Alexandria, Virginia (right
across the river from DC), there was no such cap and the assessed value of
homes in the city were going up at an AVERAGE of $100,000 a year including
apartments, condos, etc. People were literally being taxed out of their homes.

And I doubt that those assessments will ever be revised downward no matter
what happens to the real estate market.

[sdzur]

Originally Posted by bill whalen jr

HI Stephanie,
I am one of the many Sandoval County "tax lightening" victims. The property tax on the home I purchased was $1662 in 2006 and jumped to $2668 in 2007 while my neighbors in the same floorplan stayed at $1662+/-. Not fair is it! I am a residential certified NM appraiser and I want to help solve this obvious taxation abuse problem anyway I can. Where can I learn more of your legal or other action? What can an individual do? Any suggestions would be very welcome. Also, if you need a good appraisal for your cause of action I will trade one for your thoughts/knowledge about this subject. I have been told by a good source that the house speaker introduced this bad law, and as such, it will be "resistant to change". No legislators want to rock his boat I guess. Show me the boat! Feel free to call me at 550-2727.

++++++++++++
My Blog is: NM's failure to apply the 3% reappraisal increase limit to transfered properties illegal It is pretty much up to date other than the fact that I filed the Notice of Appeal about a week ago. Thank you for your offer of help, you might be hearing from me!

[toby19]

Great you have protection, yes. Not so great is local government that decides to use your real estate tax money for private hospitals, building new college campuses when another one already exists 10 miles away, and to fund a rail train. Argue whether it's a good thing or not, my taxes have gone up 62% in 2 years. And once again, not an extra police officer or fireman to show for it..

[rybert]

Oh no... hospitals, schools and mass-transit. It's a shame.

[loborick]

Originally Posted by rybert

Oh no... hospitals, schools and mass-transit. It's a shame.

Yeah, why can't they put those funds to good use. We need a good amusement park!

[currie1910]

I am visiting our daughter in ABQ and one year after moving into their home, their property taxes increased by $300.00 a month!!!!!!!!!!!!!!!! I wonder what persons mean by low taxes--perhaps the 1st year but then the taxes oviously escalate to fit the perhaps inflated pricfe you paid for your house. Beware after 1st year!!!!!!!!!!!!!!!