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Tax inequity is the issue that most concerns local Realtor Tracy Langford, who feels that the property tax legislation enacted in New Mexico in 1997, 2001 and 2004 has combined to create a system in which homebuyers are penalized for changing residences.
Langford purchased her home in 2005, only to see her assessed value increase 331 percent at the time of transfer.
“My property taxes are more than three times higher than the previous property owners, with no extra benefits,” Langford said, who serves on the legislative committee for the Santa Fe-based Realtors Association of New Mexico. The committee is working to assure that property tax legislation is not unfairly applied across the state.
Legislation passed in 2005 added a provision to the property tax code requiring that sales prices for property that has changed hands be disclosed to tax assessors, and disclosed value is now being used as the assessed value by county tax assessors throughout the state.