Lawmakers urged to resolve property tax inequities
Posted at: 11/21/2012 2:24 PM
By: BARRY MASSEY Associated Press
SANTA FE, N.M. (AP) - County and real estate officials are urging the Legislature to deal with a thorny problem of property tax inequities among New Mexico homeowners and resolve what's called "tax lightning" when taxes skyrocket on some residential property.
San Juan County Assessor Clyde Ward outlined a proposal Wednesday to a legislative committee to update the tax valuation of most homes to 90 percent of market values.
However, there would be limits on the increases for certain people, including those who've lived in their homes at least 10 years. Under current law, property values can climb only 3 percent annually for tax purposes.
But that doesn't apply when a home changes hands and new homeowners can be hit by "tax lightning" because their property taxes are much higher than neighbors with similar houses.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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