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Thursday, April 02, 2009
Higher Property Taxes for Most
FOR THE RECORD: This story incorrectly reported the deadline for filing a challenge to new property values sent out by the Bernalillo County Assessor’s Office. The final date to file a challenge is May 1. Incorrect information was provided by the county.By Sean Olson
Journal Staff Writer
The economy has finally caught up to property taxes, but that still won't mean a lower bill for most of Bernalillo County.
The County Assessor's Office mailed out official notifications of value Wednesday, which give homeowners a heads-up on any changes to their property values before tax bills are prepared for the year.
About 11,000 homes will see a decrease in their values — and in their tax bills — to reflect declines in the housing market, assessor Karen Montoya said.
But people who haven't bought a new home in the past two or three years should expect a 3 percent increase in their home's value this year and every year for the foreseeable future, Montoya said.
Rapidly rising home values throughout the past decade mean the majority of homes in the county are undervalued by the assessor's office, she said. State law allows assessors to raise a home's value by 3 percent at the most each year, creating a gap between almost every home's assessed value and actual market value. When market values began to fall last year, most homes still had assessed values lower than market values, so tax bills will continue to climb.
The exceptions are people who bought their homes recently and were assessed closer to market values. All of the 11,000 homes that will see a drop in their value are in that category, Montoya said.
Commercial property owners and vacant land owners will be hit the hardest by increased property taxes this year. Assessor's Office spokesman Tom Sams said values of those properties are up by a total of 19 percent above last year — adding $680 million in value to the county rolls. That reflects new properties added to the rolls as well as increased values.
Montoya said those properties, which have no cap on annual increases, have been undervalued since before she took office and have all been raised to proper levels this year. She said some owners could see a large increase in their tax bill this year, but shouldn't expect much of a jump in future years.
Residential values increased overall by about 5 percent this year, or about $523 million, Sams said.
Anyone who wants to challenge a change in their new property values needs to file an official complaint with the assessor's office by May 1.
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