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We bought our home in 2006 and our property taxes doubled from the previous year on the home (something we completely did not expect or factor into our finances at the time). We were paying double what our next door neighbors with the exact same floor plan were paying. I protested every year for three years, and it finally went down slightly last year. Then we got our property valuation statement in April and the anticipated tax bill for this year is almost back down to what it was before we bought the house. My jaw literally dropped, and hung for several minutes. This explains why! And that article just sealed my vote for governer...
So they finally started the rollbacks, huh? It'll be interesting to see how all this plays out in the months (years?) ahead. Thanks for the link ralthor.
Worry less about property taxes than bond issues. I didn't pay enough attention to
the outrageous use of bonds to take public debt off the visible tax burden and hide
/ disguise outlays.
Since these are a county by county as well as city by city debt, the amount you
will be responsible for can change significantly from neighborhood to neighborhood
as well as from year to year.
I'm not aware of any central, on-line source for a listing of all bond amounts but perhaps
others can help?
thank you so much for the insight I will now, in addition to looking at the taxes look at the bond rate. So complicated trying to protect oneself but an infortunate reality in this life.
Property tax is a percentage of home value, so the $1500 - $3000 number is sort of meaningless. It may the be for the 'average' home, but if you buy a $500,000 house it is going to be very different.
Also there is a big discrepancy in that your property value can't increase more than 3% each year, however, once you sell it it jumps up to the value paid for it. This has cause huge differences between properties and I believe in Bernalilio county they will be resetting them back to the lower of current market value or +3% since its value in 200? (4 maybe?). So people who bought their house recently may see their taxes go down, not because the tax rate changes, but because the assessed value of their house goes down.
So here is the calculation. Take the value of the house and divide by 3. Then subtract $2000. (There are more exemptions for veterans and such, but I don't know the values).
Then multiply by the percentage of taxes, which in Albuquerque is 4.0252%
Example:
You buy a 240K house. 240K/3 = 80K. 80K - 2K = 78K.
78K * .040252 = 3.14K
So you will pay about $3140 a year in taxes. Now if you catch the 3% cap your property value might not actually be what you paid for it, but who know what will really happen it is sort of a mess right now.
You can go to the county website Bernalillo County Public Access (http://www.bernco.gov/property/default.asp?qpaction=search_form&type=situs - broken link)
and do a search for any property in the county and look at their current tax bill. This will have the percent they pay in taxes for that location. It should be the same for all of Albuquerque, but will vary between cities, unincorporated areas and other counties. Don't know if the other counties have a similar website or not.
To be safe don't assume that what they are paying is what you will be paying, do the math with the purchase price of the home.
That should add up correctly, somewhere on the Interwebs there should be a breakdown of the actual Bonds that make up each section.
You guys are the best there is no city website that gives better information that the average person who wants to help. Thank you for the info and the numbers, they help a great deal!!!
We bought our home in 2006 and our property taxes doubled from the previous year on the home (something we completely did not expect or factor into our finances at the time). We were paying double what our next door neighbors with the exact same floor plan were paying. I protested every year for three years, and it finally went down slightly last year. Then we got our property valuation statement in April and the anticipated tax bill for this year is almost back down to what it was before we bought the house. My jaw literally dropped, and hung for several minutes. This explains why! And that article just sealed my vote for governer...
So it seem like the roll backs are effective. I just hope they stay in place for a while
I am looking at a bank owned home the last home owner paid $599,000 and his property taxes are very high based on the price he paid. The home has been on the market for over a year and now it is up for sale at $349,999. Will my property taxes be assessed based on the price I pay?
Interesting that the Journal has a front page article this morning detailing how high property taxes are in Albuquerque as compared to the rest of the state. Read further into the article and you will see that property taxes in Albuquerque are only high compared to the rest of the state and not on a national level.
The taxing agencies and property taxes paid within Albuquerque also may vary. Only people who live within a certain distance of the Rio Grande (1.5 miles, I believe) pay taxes to support the Middle Rio Grande Conservancy District, for example.
I am looking at a bank owned home the last home owner paid $599,000 and his property taxes are very high based on the price he paid. The home has been on the market for over a year and now it is up for sale at $349,999. Will my property taxes be assessed based on the price I pay?
The assessor's office can give the current assessed value, which will be the basis for the next year's property taxes. If it is higher than you expect, then you will have appeal the assessment. Owners are notified of the assessed value in the 1st quarter of each year and you have 30 days to appeal.
Also check the status of property taxes. I have read that some lenders who foreclosed have not paid the taxes and, in some jurisdictions, those taxes fall upon the new owner. Not sure how that would work in NM. That should be addressed during closing.
We just bought our home in Nov of last year. The taxes when up $500 from last year ! The value of the structure last year was $169,847, this year it's $221,200, that's over a $50k raise, how do these crooks justice that amount? Does anyone know a good real estate lawyer?
We just bought our home in Nov of last year. The taxes when up $500 from last year ! The value of the structure last year was $169,847, this year it's $221,200, that's over a $50k raise, how do these crooks justice that amount? Does anyone know a good real estate lawyer?
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many thanks
the best
