New Law Discloses Property Values -- Privately
The Santa Fe New Mexican › January 03, 2004
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Summary
Until today, New Mexico's property-tax system was in some ways akin to imposing an income tax without requiring workers to disclose their earnings. County property-tax assessors, charged with deciding how much homes are worth, had to use educated guesswork or depend on buyers to voluntarily divulge price details.
Under a law that takes effect this year, however, sales prices on residential properties must be disclosed to county officials. The information will allow assessors to consider a property's market value in deciding the amount of taxes the owner should pay.See the full content of this document
Extract
New Law Discloses Property Values -- Privately
Officials have said the sales data will make the property-tax system more equitable, largely because it will spread out the tax burden by bringing to light the true cost of high-priced homes that may have been undervalued.
Now, those involved in the sale of a home mu...See the full content of this document
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