SANTA FE (AP) — County officials are asking the Legislature to require the disclosure of more property sales prices to help with tax assessments in New Mexico.
Currently, assessors are provided prices of residential property that's sold. They want to expand the disclosure requirement to vacant land as well as commercial property and agricultural land. The information would go to assessors but not be publicly disclosed.
New Mexico Association of Counties Executive Director Paul Gutierrez told a legislative committee last week that sales prices would help in accurately determining the valuation of commercial buildings and other property for tax purposes. Property valuations are to reflect market prices.
Sen. Mark Boitano, an Albuquerque Republican, said taxes could increase for some property owners if valuations are boosted because of reassessments using sales information.