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Thanks to House Bill 661, a program that was passed by the State Legislature and enacted this year, homeowners whose homes have been subsidized by a federal, state, or local affordable housing program may be entitled to a reduced property valuation.
In turn, that could entitle homeowners to a reduced property tax liability.
Beginning this week, Housing Program Manager Steve Brugger will send out letters to approximately 60 households in the Piñon Trails subdivision, who are expected to receive a decrease in valuation of property tax purposes of approximately $4.322 million.
Brugger said that out of 121 households in the Piñon Trails subdivision, 60 were deemed as affordable homes.
“Part of the thinking was that you’re trying through subsidies to reduce the principal and interest part of payments, you’re also reducing your insurance,” Brugger said. “Residents of Piñon Trails don’t pay private mortgage insurance, and that reduces the payment, as well.”
He also said that the idea behind the process was that it would be reasonable to assess homes that were subsidized based on their subsidized value, rather than their market value.
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