Property Tax Disparities

Santa Fe New Mexican - A Santa Fe couple recently became the first county taxpayers to challenge a property-tax law that has already been overturned by two judges in Bernalillo County. Nancy Udell and James Atwood, retired attorneys, filed a complaint in District Court Jan. 7 seeking a refund for part of the property taxes they paid last year and a reassessment of their home. They contend that a law that caps increases on residential property assessments to 3 percent a year — unless it sells — violates the state constitution. The law was passed in 2001 to protect longtime residents from experiencing swift increases in valuation — a phenomenon referred to as "tax lightning" — that can occur when values skyrocket due to sharp market upturns, speculation or new construction of expensive homes. Read full story:

Property Tax Disparities