Tax Hikes for New Homeowners in ABQ

New homeowners are being hit with a tax increase that is angering many who feel it is unfair. Until a couple of years ago, the assessor did not have access to the purchase price of a home. Their estimates of assessed value were in many cases, way off base. Now that NM is a disclosure state, the title company has to tell the assessor what the home sold for. This is a problem if the price is significantly greater than the value assumed by the assessor. Also, there is a 3% cap on rate increases UNLESS the home is sold, in which case all bets are off. This then is the issue with many saying that such an unpredictable and uncontrolled rate hike is unfair and will discourage people from moving here. There will be more on this issue as politicians step in to find more acceptable solutions.