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What’s your home value? From Ask the Experts’ Tracy Venturi

Property tax “Notice of Value” statements for any homes, lands or other properties have been mailed out recently. Now is the time to notice!

We’ve received ours for properties we own in Sandoval and Bernalillo counties. While it might appear as though you don’t have to do anything with this other than file it away, it could well be worth your while to take a good look at it and act quickly if indicated.

This document tells you what the county is setting as the value of your property for the tax year 2012 so that late this year when the tax bills are prepared, you will be taxed on the value as shown on this document.

Another good reason to look is to see if you have claimed exemptions on the property for which you qualify.

For some, you may not have a good idea of what your property value is because values and prices have changed in the past few years.

Some folks use Zillow to see what it says for value – a big mistake in our market, as sales prices are not public record. Zillow Zestimates can be way off in guessing at the value of your property.

As Realtors, we are able to share with you comparable sales data to help you determine the fair value of your property, and if you determine that your property is overvalued, you will need the solid market data to send along to the assessor’s office along with your protest.

The Notice of Value also shows you what exemptions are claimed on your property. The types of exemptions include Head of Household and Veteran. Most people qualify for the Head of Household exemption for their primary residence. For the Veteran exemption, it’s worth your time to go online and get the full details and take your documentation to the county to get this exemption added.

As property owners we are also obligated to inform the assessor’s office if improvements valued at more than $10,000 are made to the property. When you get a permit for remodeling or adding on to a property, this will notify the assessor that the value could be higher.

Typically, you have 30 days from when the Notice of Value is mailed to file a protest. Instructions are on the Notice of Value if you believe your property is not properly valued. Act quickly and if you need help with value, call your trusted Realtor, or I’m happy to help.

About Tracy Venturi

Tracy Venturi is a licensed Realtor and an associate broker with Keller Williams Realty, the Venturi Team. For additional information about the Venturi Team and its extensive list of services, please visit their user-friendly website: www.WelcomeHomeABQ.com, or call her at 505-263-2526 or 505.271.8200.

Ask the Expert a question

To ask Tracy a question, type in the comments field below. Or ask her a question by emailing Tracy@WelcomeHomeABQ.com or sage@abqjournal.com.

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