Lawmakers urged to resolve property tax inequities

November 22, 2012 • State News

SANTA FE, N.M. (AP) — County and real estate officials urged the Legislature on Wednesday to deal with a thorny problem of property tax inequities among New Mexico homeowners, also known as “tax lightning,” when taxes skyrocket on some residential property.

At issue are widely varying valuations of residential property for tax purposes and continuing fallout from a more than decade-old law intended to protect longtime homeowners in communities such as Santa Fe when market prices — and potentially property tax bills — were rising dramatically.

Several county officials told a legislative committee it’s a good time for lawmakers to resolve the property tax problem because recent market declines will ease some of the needed valuation changes.

The goal is to equalize valuations of residential property — ensuring that New Mexicans pay their fair share of property taxes — but minimize the tax increases for those whose homes are Login to read more

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