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More than 14 percent of the homes and residential property in Bernalillo County are getting lower tax-value notices this year because of the tight economy.
“It’s definitely unusual that (so many) went down this year compared to other years,” County Assessor Karen Montoya said in an interview. “We definitely are seeing a decrease in the market.”
Expensive “higher end” homes are seeing the biggest decreases in value, she said, though all kinds of homes have been affected.
About 11 percent of residential property owners are receiving notices of value that match what they received last year, according to figures released by Montoya.
The remaining residential-property owners are seeing increases of up to 3 percent because — according to county appraisers — their homes’ values are still behind market value, even amid the struggling housing market. State law caps increases to 3 percent.
Newly constructed homes go on the books at full market value.
Montoya’s staff is fielding hundreds of telephone calls a day about the notices, she said, but the call volume is still less than usual.
“We had 800 calls on Friday,” she said, “and 708″ on Monday.
The assessor determines the values of property for tax purposes, but Montoya doesn’t actually calculate property tax bills. The tax rates are set by local and state governments, and the county treasurer sends out bills in the fall.
Property owners have until March 30 to file a protest if they believe the assessor has improperly valued their property. If the dispute can’t be resolved with county appraisers, it goes to an appointed valuation-protest board.
Call 222-3700 or go to www.bernco.gov for more information. March 30 is also the deadline to apply for exemptions.
The notice went out a little earlier this year than usual. The assessor mailed notices March 1 for most property, a month head of the deadline.
Notices of value for livestock and personal property will go out April 1, Montoya said.
— This article appeared on page C01 of the Albuquerque Journal
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