Thank you, thank you, thank you… You know the old phrase “there ought to be a law”, well I think it’s a shame that we have to have a law to force people to tell the truth. Every Realtor/Broker worth their salt knows that the effective tax rate in NM is about 1%. Therefore they could easily have told this buyer that the new taxes on a $250,000 house would be about $2,000 plus and not the $1,100 listed on the MLS. Hope, neither realtor in my 2005 transaction in NM disclosed that the tax would probably be higher than what was listed on the MLS. Even the title officer knew the taxes would be higher and choose not to disclose that information. In addition to this lack of disclosure, the sellers did not disclose all the problems (lied) with the building structure and the realtor never verified the disclosure statement (failed to perform). For that matter, the building inspectors report was also missing some very important disclosures because he didn’t have a latter to get up on the roof and he didn’t check the plumbing in the guest house because the water was turned off. All this disclosure, or shall I say lack of, cost this home buyer a lot of money.
(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 rates 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 on which you have submitted or intend 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 arising from suit relating to the estimated amount of property tax levy”.
Now for the first hard question: Who is going to pay for the cost of all the unnecessary assessments every time someone is interested in a parcel? I hope that the real estate broker or agent has to pay the operational cost of the assessment and not the tax payers through the county budget. A standard appraisal cost $300-$350 and the assessment is a similar process. The law holds the agent/broker liable; therefore it is in their best interest to order the assessment when they list the property on the MLS. I also think the MLS should list the estimated assessment amount for the following year.
The second hard question: Will the County Assessor Office have to increase staffing and budget to handle the extra workload?