On Santa Fe Property Taxes.... (Hope: sales, condominiums, assessor)
Santa FeSanta Fe County
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This is not specifically on the previous thread regarding the "lightning" tax, but I'd like to have feedback from those familiar with the property tax process in Santa Fe.
We closed on a property in Santa Fe in late summer this year (2009). It is part of a compound with three free-standing condominiums. This was new construction, but each condo had been on the market for approximately two years. All three finally sold within a month or so of each other. Each sale was an arm's length transaction, and we each bought from the seller/developer for $375K-$395K. The seller had initially marketed each of the condos around $600K, but after getting no action whatsoever, gradually lowered the price---at which time all three sold.
All three of the new owners just received a bill from the Treasurer's office, and we're each "appraised" for over $600K!!!!!! In other words, well over $200K what we each paid only a few months ago.
My understanding at closing was that our first year's property tax would be based on our sales price, and that figure was used to prorate the tax at closing, as well as to fund our escrow with the mortgage company. Now, obviously, we are seriously short with our escrow.
The assessor told me basically, "too bad"---that the valuations were sent out last spring and there was a 30 day window to protest. The developer, I think, was fed up with the whole thing, after trying to sell these condos for two years, and apparently did not protest.
Are we stuck with this unfair appraisal?? The assessor said that "comparable properties" were selling for $600K in 2008, and, therefore, our property was worth that at the time of assessment. This makes no sense at all to me. If it was worth that, then why were there no offers on any of the properties???
Any help/advice/insight would be much appreciated!
Wow...I don't know what to tell you. I'm sure others on this forum will have an idea. But...your post reminded me of a news story just a week or so ago about a house in Cerrillos (Santa Fe County) listed for $925,000, but taxes are $334.20 because the tax assessor has the house valued at about $64k. It doesn't give one much faith in an accurate assessment in that county.
Yes, I think you still have recourse, but you have to sue. We have a window opening about now when we can sue. Since yours is a new property, I don't believe that you can sue by challenging the tax lightening law.
You would have to sue on the basis of challenging the appraisal and you would need to find "comparables" on which to base your challenge.
I think part of what is going on here is that are just not that many houses selling now and few comparables are around. However, you have three sales of similars properties -- might give you a strong case. I am not a lawyer -- so take all my advice with a grain of salt.
I am thinking about suing but on the basis of challenging tax lightning. I could send you info on the lawyer I have been in a little communication with -- if you want to use private messages.
Santa Fe, if you'd like to share the name of your attorney with me via private message, that'd be great. We, along with the other homeowners, are trying to link arms and confront the assessor's office together on this unfair assessment, but we may have to resort to filing suit if it makes financial sense.
Confront the Assessor's Office? You mean you actually think you may get a Santa Fe County official to listen to you and then act accordingly. That's a good one.
Wow...I don't know what to tell you. I'm sure others on this forum will have an idea. But...your post reminded me of a news story just a week or so ago about a house in Cerrillos (Santa Fe County) listed for $925,000, but taxes are $334.20 because the tax assessor has the house valued at about $64k. It doesn't give one much faith in an accurate assessment in that county.
As I remember, the context was the Assessor had caught this and was correcting. The homeowner who had not reported improvements was in repeated violation of the law and might face penalties.
For better or worse, the Santa Fe County Assessor has computerized records and added four more assessors and seems serious about doing a better job. Homeowners in Santa Fe County should anticipate increases in their assessments.
In addition, the Santa Fe County Commission has voted a property tax rate increase, which means even larger tax increases in the future.
While we are thinking about taxing we should note the upcoming under the radar vote on a gross receipts tax increase for the County.
Santa Fe, it was a rate increase on our own property with home which we have owned for many years, not an assessment increase. So thus they have raised the mil rate.
Hopefully, you are a part of the class action suit regarding tax lightning law.
Santa Fe, it was a rate increase on our own property with home which we have owned for many years, not an assessment increase. So thus they have raised the mil rate.
Hopefully, you are a part of the class action suit regarding tax lightning law.
I have been looking for a class action suit. Do you have any information on one?
That is a gigantic increase in the mil rate. What is going on up there?
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taxes
