Market Value Sets Property Tax
It's that time of year-property tax time. Homeowners have had 2008
property tax bills since early November. Payment was due November 10
and is delinquent after December 10. In the four counties of metro
Albuquerque, the county assessor figures out the amount of your tax.
Then the county treasurer sends a notice of value in the spring and the
tax bill in November.
Most homeowners arrange property tax payment
as part of the mortgage payment. If you pay your property taxes
directly, you can pay 2009 taxes in installments. However, you must
enroll in the program by December 31, 2008.
Your property tax is
based on the market value of the property. But values change. Prices
for metro single family homes for the third quarter of this year were
down about five percent. Prices have dropped more in some neighborhoods.
the value of your home has dropped, so should the property taxes. The
amount of tax changes in the year after the value is determined.
data to protest your property tax is a good project for early 2009.
That's because tax protests can only be filed during the 30 days after
the April 1 mailing of the notice of value.
A real estate
professional is a good place to start checking whether your property
tax bill makes sense. Finding the current market price is the first
step. We can help research current market values. You also can check
your neighborhood at www.coldwellbankerlegacy.com.
Bernalillo County assessor and treasurer are reached at www.bernco.gov.
You can search property records and find, for any address, current
ownership information, the notice of values, the tax bill, tax and
payment history and use the online property tax calculator.
the year ending June 30, 2006, New Mexico was 48th in state and local
property tax collections per capita and 47th per household. The figures
are from the Tax Foundation (www.taxfoun dation.org).
The Web sites for the other metro counties are www.sandovalcounty.com; www.co.valencia.nm.us; and www.torrancecountynm.org.