Notices for property values have gone out across Bernalillo County and a majority of property owners found out that they will be paying more again this year.
The county assessor’s office said, this year, 87 percent of all property owners in the county will have to pay more property taxes because all those homes are assessed below market value.
“The most recent total assessed value of Bernalillo County property has gone up a little bit this year,” Bernalillo County Commissioner Maggie Hart Stebbins said.
The county is trying to get valuations to level up with market value. By law, the assessor can only increase the valuation by a maximum of three percent every year, unless the property is sold or remodeled. That’s known as a lightning tax.
“Once change of ownership takes place, the three percent cap is removed and the valuation goes to market,” Deputy Assessor Bobby Espinosa said.
According to county assessor statistics, only four percent of all property values went down this year in Bernalillo County, and about eight percent stayed the same.
For the assessor’s office to determine what a home is worth, it does an analysis every year and looks at sales prices of similar homes in the area, called a mass appraisal.
The county assessor’s office added property values do not automatically increase each year, and instead are “reviewed, analyzed and adjusted to reflect current and correct market,” it said in an emailed statement.