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NM lawmakers urged to resolve property tax inequities


SANTA FE -- County and real estate officials urged the New Mexico Legislature on Wednesday to deal with a thorny problem of property tax inequities among the state's homeowners, also known as "tax


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Print   Email   Font ResizeNM lawmakers urged to resolve property tax inequitiesBy Barry Massey \ Associated PressPosted:   11/21/2012 10:00:00 PM MST var requestedWidth = 0; if(requestedWidth > 0){ document.getElementById('articleViewerGroup').style.width = requestedWidth + "px"; document.getElementById('articleViewerGroup').style.margin = "0px 0px 10px 10px"; } SANTA FE -- County and real estate officials urged the New Mexico Legislature on Wednesday to deal with a thorny problem of property tax inequities among the state's homeowners, also known as "tax lightning," when taxes skyrocket on some residential property. At issue are widely varying valuations of residential property for tax purposes and continuing fallout from a more than decade-old law intended to protect longtime homeowners in cities such as Santa Fe when market prices -- and potentially property tax bills -- were rising dramatically. Several county officials told a legislative committee it's a good time for lawmakers to resolve the property tax problem because recent market declines will ease some of the needed valuation changes. The goal is to equalize valuations of residential property, but minimize the tax increases for those whose homes are assessed for tax purposes at well below market prices. Under a law that took effect in 2001, property values can climb only 3 percent a year for tax purposesHowever, that does not apply when a home changes handsNew homeowners can be hit by "tax lightning," and their property taxes are much higher than their neighbors whose houses are covered by the 3 percent annual cap. A homeowner's property tax bill depends upon local tax rates, as well as the taxable valuation of their property.Advertisement

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