Disabled Veteran Property Tax Exemp4ons (SB 506) 100% disabled veterans who change their primary residence during the course of the tax year can take their disabled veterans exemp0on with them.
Disabled Veteran Benefit Assessments (SB 248) 100% disabled veteran will be exempt from having to pay special benefit assessments (e.g. PIDs) as well as property taxes on their principal place of residence. Starts on 2016 tax bill.
Define Agricultural Use for Property Tax (SB 112) Clarifies state statute regarding agricultural exemp0ons by expanding the defini0on of “agricultural use” to include the res0ng of land during drought condi0ons. Our Office already had been applying the defini0on to proper0es in Bernalillo County.
Electronic No4ces of Value (HB 49) Star0ng next year, property owners can elect to have their No0ce of Value emailed to them instead of receiving it through the mail.
Correct Value New Mexico State Statute 7-‐36-‐16. Responsibility of county assessors to determine and maintain current and correct values of property. 7-‐36-‐21.2. Limita1on on increases in valua1on of residen1al property. 7-‐38-‐12.1. Residen1al property transfers; affidavit to be filed with assessor. 47-‐13-‐4. Finding; disclosure of informa1on required in certain real estate transac1ons.
Correct Value 7-‐36-‐16. Responsibility of county assessors to determine and maintain current and correct values of property. See 3.6.5.23 The phrase "current and correct values of property" as used in Sec1on 7-‐36-‐16 NMSA 1978 means: (1) for residen1al property purchased in the year prior to the current tax year the phrase means its market value during the year of purchase; (2) for residen1al property not purchased in the year prior to the current tax year, when u1lizing a one year reappraisal cycle, the phrase means its’ market value of the year prior to the current tax year, and (3) for residen1al property not purchased in the year prior to the current tax year, and non-‐ residen1al locally assessed property, when u1lizing a two year reappraisal cycle, the phrase means its market value in the tax year 2001 and, for each of the following odd-‐numbered tax year, its market value during the preceding odd-‐numbered tax year. It’s Fair Market Value During the Prior Year
Correct Value The 3% cap does not apply to: • A residen0al property in the first tax year that is valued for property taxa0on purposes; • Any physical improvements, except for solar energy system installa0ons; • A change of ownership of the property occurred in the year immediately prior to the tax year; and • A change in zoning.
Correct Value The 3% cap does apply to a transfer: 1. To a trustee for the beneficial use of the spouse of the transferor or the surviving spouse of a deceased transferor; 2. The spouse of the transferor that takes effect upon the death of the transferor; 3. Solely between spouses, any co-‐owner's interest;
Correct Value The 3% cap does apply to a transfer: 4. To a child of the transferor, who occupies the property as that person's principal residence at the 0me of transfer; 5. That confirms or corrects a previous transfer made by a document that was recorded in the real estate records of the county in which the real property is located; 6. For the purpose of quie0ng the 0tle to real property or resolving a disputed loca0on of a real property boundary;
Correct Value The 3% cap does apply to a transfer: 7. To a revocable trust by the transferor with the transferor, the transferor's spouse or a child of the transferor as beneficiary; or 8. From the revocable trust described above back to the seclor or trustor or to the beneficiaries of the trust.
Correct Value 7-‐38-‐12.1. ResidenHal property transfers; affidavit to be filed with assessor. “ the full considera1on, including money or any other thing of value, paid or exchanged for the transfer and the terms of the sale including any amount of seller incen1ves; and the value and a descrip1on of personal property that is included in the sale price.”
Correct Value 47-‐13-‐4. Finding; disclosure of informa1on required in certain real estate transac1ons. Property Tax Calculator…. es1mated amount of property tax levy…. ….specify the listed price as the value of the property to be used in the es1mate; USE FAIR MARKET VALUE !!! Remember “One Sale does not a Market Make!”
Districts (PIDs) There are currently 8 PIDs in Bernalillo County • Ventana West • Montecito Estates • Sal0llo • Trails • Mesa Del Sol • The Boulders • Volterra • Lower Petroglyphs
Districts (PIDs) Assessor’s Office Responsibili4es • To iden0fy which proper0es have PIDs and maintain informa0on in our comprehensive assessment records. • To include DFA approved PID levies in the tax roll we send to County Treasurer. • PIDs CANNOT be protested through the Assessor’s Office.
Owners can file a protest for the current year within 30 days of the Assessor’s Office mailing of their No0ce of Value (typically April 1). Protests can filed for the following: • Assessed Value • Classifica0on of Property • Tax District Assignment • Denial of Exemp0on or Value Freeze
Forms available online or in person • We work to resolve protests informally when possible • If protests can’t be resolved informally, they are referred to the Formal Protest Board
(available on Assessor’s Office Website) q Current Year No0ce Of Value q Completed Protest Form q List of Proper0es & Appraisal Ra0os in Neighborhood q Any and all paperwork that supports protest q An Appraisal report of property (if applicable) q Market Data from Previous Year q Income (for commercial proper0es)
Do you assess landscaping? A. No, but we do value any improvements that are built on the property, e.g. porches, swimming pools, gazebos. 9. Do you assess garages as heated living space? A. No. Garages and all other non-‐heated improvements are assessed at a different rate.
How many trees are needed to qualify for agricultural valua4on? A. There is no set number. Eligibility is determined on the basis of the land's capacity to produce agricultural products. 7. Do you have the right to request income and expense informa4on when applying for agricultural valua4on? A. Yes. Chapter 7-‐36-‐20, NMSA 1978, the applica1on form may contain a request for providing informa1on as the owner's farm income and farm expenses reported to the U.S. Internal Revenue Service on Schedule F.
Can you adjust value due to the lack of maintenance in my neighborhood such as junked cars, weeds, etc…? A. If the market is declining in your neighborhood we can determine that based on sales. 5. Are short-‐sales and foreclosures used to determine market value? A. Typically no, unless the majority of sales in that neighborhood are short-‐sales or foreclosures.
If an assessment is protested, can valua4on go up? A. No, unless during the field visit we iden1fy addi1onal improvements that are not in the assessed records. 3. Do appraisers need to go inside a home during field checks? A. No, although allowing the appraiser to enter the home will ensure a more accurate appraisal, especially for homes that are more than one level.
Can property owners review records at the Assessor’s Office for an appeal or protest? A. Yes. Certain property records are confiden1al informa1on and can only be viewed by the property owner. Valua1on records are public and can be found on our website. 1. How can property owners lower their tax bill? A. While we do not have control over tax bills or tax rates, property owners can apply for tax savings programs through the Assessor’s Office.
Tax Exemptions Senior Citizens Value Freeze Owners of single-‐family dwellings who are 65 year or older or disabled with a total annual household income of $32,000 or less can to freeze their home’s valua0on.
Bernalillo County Assessor Homeowners Guide to Owning Property in Bernalillo County e s? t 00 Feedback welcome on types of informaHon you think new homebuyers need regarding the assessment process Thanks!
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