State: New Mexico
According to (NM 7-36-15), “...the value of property for property taxation purposes shall be its market value as determined by application of the sales of comparable property”.
Our appraiser calculated adjustments for the comps at $30/sf for our morgage. Our local tax office did this at $88/sf. Big difference.
Are there some rules, a government office needs to follow, on how to calculate adjustments? I was told at the tax office that they do this differently than the appraisers. When I asked the tax office and our appraiser for the rules on calculating the adjustments for the comps, they didn't reply. It looks like there is no transparency or certainty in this proces.
Since the adjustments for the comps were done at a high $/sf, our house was assessed at the cost of rebuilding and not at the market price. I argued, but I was just told that they do this differently than the regular apprisers. No wonder why. But I would just like to know if there are any regulations they need to follow.
Thank you!
According to (NM 7-36-15), “...the value of property for property taxation purposes shall be its market value as determined by application of the sales of comparable property”.
Our appraiser calculated adjustments for the comps at $30/sf for our morgage. Our local tax office did this at $88/sf. Big difference.
Are there some rules, a government office needs to follow, on how to calculate adjustments? I was told at the tax office that they do this differently than the appraisers. When I asked the tax office and our appraiser for the rules on calculating the adjustments for the comps, they didn't reply. It looks like there is no transparency or certainty in this proces.
Since the adjustments for the comps were done at a high $/sf, our house was assessed at the cost of rebuilding and not at the market price. I argued, but I was just told that they do this differently than the regular apprisers. No wonder why. But I would just like to know if there are any regulations they need to follow.
Thank you!
Local Taxes: Protesting High Property Taxes
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