ALBUQUERQUE (KRQE) - A massive reassessment of property values in Bernalillo County could mean you will have to fork out more cash for taxes.
The County Assessor's Office announced starting in July it will re-evaluate the values of nearly 250,000 properties. Deputy County Assessor Damian Lara said its about being fair.
"This is a major undertaking by the assessor," Lara said.
The task will add on 25 new employees to the assessor's office. They will soon hit the streets re-evaluating the hundreds of thousands of property values, both residential and commercial.
That will more than likely include your home.
"So we can make sure a property owner is not being assessed too much and that they're not being assessed too little," Lara said.
KRQE News 13 investigative reporter Larry Barker exposed problems with the system late last year by revealing the property tax bill for a $7 million, three-acre estate in Albuquerque's North Valley was $24.77 in 2011.
It was even less years before that.
Barker discovered the real estate was misclassified. The deputy county assessor said the re-assessments will ensure this doesn't happen again.
However, Lara said its likely most of the properties are valued correctly already.
"A lot of properties continue to be maintained at current and correct values through various mechanisms," Lara said. "Most property owners will be fine under this canvass."
If not, he said there's a state law that the assessor's office cannot increase property values more than 3 percent every year.
However, there are some exceptions including owners who added on to their property but didn't tell the assessor's office.
"The improvement that is built on that vacant lot will be assessed at full value," Lara said.
The County Assessor's Office said this is also an opportunity to make sure those eligible for exemptions, like veterans or senior citizens, are taking advantage of them.
The project is expected to take three to four years to complete.
Bad news continues to surface at an Alamogordo mobile home park already plagued with problems.
A winter storm warning has been issued for Albuquerque and surrounding areas through 11 p.m. Thursday.
Dean Staley and Mark Ronchetti with your evening headlines and forecast.
Police responded to a northeast Albuquerque neighborhood where a man believed to be armed was involved in a tense standoff with police.
There was some good news Wednesday. Bernalillo County Sheriff's Deputy Robin Hopkins has started walking again.
Albuquerque is one of only 20 U.S. cities chosen to be part of a national initiative aimed at increasing college graduation rates.