As of July 1, 2009, property sellers or the seller’s broker will be responsible for providing a disclosure of estimated property taxes to buyers before a seller may accept an offer to purchase.
House Bill 261, enacted during the last legislative session, requires that the property seller or the seller’s broker request from the county assessor the estimated amount of property tax levy with respect to the property, using the listing price as the value of the property to be used in the estimate. The seller or seller’s broker is then responsible for providing a copy of the county assessor’s estimate to the prospective buyer or buyer’s broker. If provided to the buyer’s broker, the buyer’s broker must provide the estimate to the buyer immediately upon receiving it from the seller or listing broker. The prospective buyer must acknowledge in writing that he/she received the estimate. The new law applies to residential property only.
Under the new property tax disclosure law, the county assessor must furnish in writing an estimated amount of property tax levy by the close of the business day following the day the request is received [a printout from the county’s website may be used].
The county assessor’s estimate MUST include the following:
1) the actual amount of property tax levied for the property for the current calendar year if the tax rates for the current year are available — in all other cases, the amount of property tax levied with respect to the property for the prior calendar year;
2) an estimated amount of property tax levy for the calendar year following the year in which the transaction takes place; and
3) a disclaimer substantially similar to the following:
“The estimated amount of property tax levy is calculated using the stated price and estimates of the applicable tax rates. The county assessor is required by law to value the property at its “current and correct” value, which may differ from the listed price. Further, the estimated tax rated may be higher or lower than those that will actually be imposed. Accordingly, the actual tax levy may be higher or lower than the estimated amount. New Mexico law requires your real estate broker or agent to provide you an estimate of the property tax levy on the property you have submitted or intended to submit an offer to purchase. All real estate brokers and agents who have complied with these disclosure requirements shall be immune from suit and liability from suit relating to the estimated amount of property tax levy.”
You may wish to refer to the Bernalillo County Tax Rates 2009.
Ashley Drake Gephart |
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