OPINION: Qualifying seniors should apply for property value freeze program

Property taxes are a critical component of funding our local governments and schools in New Mexico. In Bernalillo County, 15% of your property taxes go to fund University of New Mexico Hospital while 34% goes to fund educational institutions such as Albuquerque Public Schools and Central New Mexico Community College. Public safety gets 44% for police, fire and critical services at local municipalities and county governments. And 3% goes to the state and 4% to environmental agencies, such as the Albuquerque Metropolitan Arroyo and Flood Control Authority and the Middle Rio Grande Conservancy District.

The county assessor determines the property value of homes, business and other taxable property and is responsible for ensuring that every property owner is assessed equitably and fairly. My priorities, as your assessor, are to maintain trust, integrity and transparency to the public.

Just as important is to ensure seniors in our community remain in their homes they’ve worked their entire lives to secure. Property tax increases can significantly hinder many seniors on fixed incomes from being able to buy food, pay their bills and cover property taxes. So, I strongly encourage all eligible seniors to apply for the Value Freeze Program, which literally freezes their home value in place.

Property owners 65 years or older with a modified gross income of $42,900 or less in 2024 may qualify. Participating in this program will freeze the full value assessment. That means the value of your home, at least with the Office of the Assessor, will never change. The property tax bill may change if the mil levy changes. That’s the amount multiplied by the value to get the tax. So, if the value doesn’t change but the mil rate does, a property owner’s taxes can still go up. Freezing the value, however, can save hundreds or even thousands of dollars over the lifetime in your home.

In addition to working a lifetime to acquire their homes, remaining in their homes during the golden years is critical to maintaining independence, feeling secure, and being close and connected to family and friends.

An AARP national survey conducted in 2024 discovered that 75% of older adults want to stay in their homes, but nearly half (44%) feel that a move in the future is inevitable. In that survey, 55% were concerned that rising property taxes would force them out of their current living situations.

We have a proud history in New Mexico of protecting our seniors, veterans and people with a disability so that they can remain in their homes by freezing their property values. Applications for the Property Tax Value Freeze Program are accepted annually between Jan. 1 through 30 days following the mailing of the Notice of Values that goes out, which will be May 1, this year. That means that Value Freeze applications are due by May 30, 2025.

In addition to seniors 65 years-of-age or older, the Value Freeze Program is also available for certain disabled individuals with a modified gross income of $42,900 or less.

We are ready to assist anyone who qualifies for the Value Freeze exemption. You can download the needed application form to fill out at www.bernco.gov/assessor and click on the “Tax Savings Programs” tab. You can visit us in person at 415 Silver Ave SW (with free parking conveniently next to our building). You can call us at (505) 222-3700 for guidance.

My priority is to ensure everyone who qualifies for this program benefits from this program.