The whole property valuation thing for tax purposes has always been bizarre.
In NM, we're taxed at 1/3 of the 'value' of the property/land at the date of purchase, but of course since new property taxes go into effect every year it just goes up and up. We'd be in REAL trouble if we were taxed at 2007 value, instead of 1992 value. I can't remember right now if there is an incremental increase added to the value yearly, but I don't really think so. It's still $2,300 a year here for the Richmond House.
There's no real rhyme or reason to it as far as I can tell...at least not here.
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Date: 2007-01-03 06:35 pm (UTC)In NM, we're taxed at 1/3 of the 'value' of the property/land at the date of purchase, but of course since new property taxes go into effect every year it just goes up and up. We'd be in REAL trouble if we were taxed at 2007 value, instead of 1992 value. I can't remember right now if there is an incremental increase added to the value yearly, but I don't really think so. It's still $2,300 a year here for the Richmond House.
There's no real rhyme or reason to it as far as I can tell...at least not here.