Taxes

[Santa Fe]

Originally Posted by jiminnm

I expect that the decision will be appealed, and will likely be held in abeyance until the appeals are exhausted. That would mean another year, maybe two, before any changes actually occur (assuming the decision is upheld). During that time, the legislature should act to change the system that has been found unconstitutional (but, this is NM).

Recent buyers may not see any savings. It is entirely possible that county assessors may decide to raise the assessments of everyone who has benefitted from the 3% limitation (like those of us who have been in our house for awhile), rather than lower the assessments of recent buyers. One would hope that scenario alone pushes the legislature to act.

The assessors can't raise the assessments above the 3% limit because the decision left that standing. Frankly, the decision seems to put the local governments in a very difficult position --court decision seeming to force a reduction for some taxpayers with no increase for the others. The only wiggle room will be in those counties where the assessor hasn't imposed the full 3% increase on the existing home owners. Surprising as it may seem, I think Santa Fe County may be one of those. Escalating prices have brought in so much money from the new purchasers that long time residents have gone considerable periods without reassessment.

If the decision stands, then the legislature will have to act at least to repeal the 3% limit or local governments will be laying off employees at least in the areas where housing prices have escalated.

Note that the lawyer thinks his clients will get their money back. It is us on the sidelines that get the short end because of the statute of limitations. This suggests that recent buyers should get their suits filed. I am calling tax lawyers starting Monday morning to find someone who is taking on a bunch of us and try to get my suit filed.

[Santa Fe]

Here's the text of the court decision.

NM's failure to apply the 3% reappraisal increase limit to transfered properties illegal

[curiousg1]

Originally Posted by Santa Fe

Sorry, I keep posting hoping that someone will answer my question:

The lightning law has been struck down as unconstitutional by a district judge. See Mortimer's post above. Does anybody have any ideas or information about how to get the county assessors to act on this?

There must be people out there who purchased in recent years. If so, you may be paying double or even triple what others in your city or county are paying for similar properties. What are you going to do about that?

I plan on protesting the tax assessed value but I am not sure how successful it will be. Do you have any knowledge or advice for that? The County currently has the property valued at a much higher amount than what it is currently worth. The current value they have was assessed at the time when the market was at its highest a few years ago and it has never been adjusted. Isn't it ironic that the County will not hesitate to increase the assessed value of a property when a house is sold to a new owner because of an increase in the value of the property but they certainly won't even consider lowering the assessed value when the house sells and the market has had a decrease in value and the property is no longer worth what they have it assessed at. Any thoughts or ideas from anyone on that?

[curiousg1]

Did you have any luck contacting a tax lawyer or did a suit ever get filed? I just may be interested in joining in on that.

[Santa Fe]

Originally Posted by curiousg1

Did you have any luck contacting a tax lawyer or did a suit ever get filed? I just may be interested in joining in on that.

I have been in contact with a lawyer, but got off track by an illness. I'll get back to it in a few days and get back by direct message with a lawyer to contact in you are interested. If you don't hear from me, then direct message me to remind me.

Oh, yeah -- what county are you in?