Confessions of a Commercial Real Estate Consultant
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Cantera Consulants & Advisors has just updated its notice of value dates from each of the county assessors. Please remember that you only have 30 days from the date of the notice of value to protest your property taxes. A PDF version of this table can be found here.
The Apartment Association of NM in the form of Attorney Gene Vance and property tax consultant Todd Clarke, represented apartment portfolio owner, Richard Fox, in the handling of his property tax protest case. In the case, the property owner held title in a series of related Limited Liability Corporations (LLCs) for estate purposes. He and … Continue reading “Bernalillo County Property Tax Protest board rules on LLC/refinancing issue at formal hearings”
The following is a quick update on property tax issues from 2013 and a preview of what we can expect in 2014 and 2015. 2013 protests As you may recall, I did not expect 2013 to be a year that we would see much in the way of reductions. I did encourage some of my … Continue reading “Property Tax update – 03/24/2014”
Spring is almost here, and that means its time to start looking in the mail for our notice of value property tax forms. First on a macro level – the legislature is 12 days away from completing its 60 day session, and they are working on a couple of bills that could impact property owners. … Continue reading “Property Tax Update”
NM-Proposed-SB0117-01232013 Proposed Senate Bill 117 has been introduced (see attached) as a possible solution for property tax lightning. The following represent my thoughts about this bill: Currently this part of the state statues reads as follows: PROPERTY TRANSFERS–COPIES OF DOCUMENTS TO BE FURNISHED TO ASSESSOR–PENALTY FOR VIOLATION Whenever a deed or real estate contract transferring … Continue reading “Legaslative update – NM Property taxes”
Both the Albuquerque Journal and Channel 13 tv news have run recent overviews on the latest on apartment property tax lightning.
I have had a number of clients ask me if we are still doing property tax protests, as they had received a handful of pieces in the mail from our competitors encouraging them to protest your property taxes, but not one from our firm. 2011 Status Our office has only recently resolved our property taxes … Continue reading “Property Tax update 2012 – should you protest?”
On the 30th of January, 2012 our firm had a formal property tax protest hearing in front of the Bernalillo County property tax protest board. The hearing took approximately 2 and 1/2 hours and the Bernalillo County assessor was represented by one commercial appraiser, one residential appraiser, the head of the residential department, as well … Continue reading “Apartment Property Tax Lightning update – 2011”
If you own an apartment in Bernalillo County – the county assessor has obtained an extension on sending out notices of value. They will not be mailed out tomorrow, but should be sent out on 7/1/2011
Thanks to Channel 7, KOAT TV, for running this story on apartment property tax lightning.
can be found here: IREM-PropertyTaxUpdate-05052011-v2 thanks again to the IREM chapter for allowing me to provide them an update and overview of NM’s property tax system.
Earlier today, the Bernalillo County assessor announced that her office has sought and obtained approval to delay sending out notices of value for apartment buildings until June 15th, 2011. This means the deadline to file a protest will be 30 days after that, or July 14th, 2011. Single family and commercial property notice of values … Continue reading “Bernalillo County property tax udpate for multifamily properties:”
Notices of value are in the mail, or will soon be in the mail. If you need assitance this year with your property taxes – we offer a number of services for you, your firm and your client including: We have an “app” for that If you are trying to determining if your value is … Continue reading “It is property tax season”
The above table shows the notice of value mail dates for every property in New Mexico – note that you have only 30 days from that date to file your property tax protest.
Very excited – as of 5 minutes ago, our iPhone app to help client’s calculate their property taxes for commercial properties in Bernalillo County went “live” in the iTunes store! It is only 99 cents, and if you provide us feedback to improve version 2 and leave feedback, I’ll gladly send you a buck! If … Continue reading “my first iPhone app help client’s calculate their property taxes”
After many months of strategizing, negotiating, researching, and putting together our cases for our client’s, Cantera Consultants & Advisors Inc. recently settled all of its cases on the controversial apartment property tax lightning cases for 2010 (click here to read the summary). In a recent (and copyrighted) Albuquerque Journal article, The Bernalillo County Assessor has … Continue reading “Filing a claim of refund for 2010 property taxes”
2010 Bernalillo County Multi-family Property tax rollback – the rest of the story. The following is a summary of an email sent to clients after our December 15th, 2010 hearing: As I was working through a review and update of the apartment property tax lightning cases of 2010, I was reminded of the ancient Chinese … Continue reading “Property Tax protests update for 2010”
Did you know at one time in NM’s history, your political affiliation impacted the amount of your property tax bill? Are you confused by Tax Lightening? Uncertain as to what surprises next year’s property tax bill will hold? Do you want to understand why it is “fair” for two similar properties to have different assessed … Continue reading “Course: Understanding NM’s Property Tax System”
Thanks to Bob Clark and 770 KKOB for hosting Stephanie Dzur and I last week. We fielded dozens of calls about the property tax lightning and other property tax issues. If you aren’t familiar with Stephanie’s name you should be. Stephanie is a local attorney won the case last year against the Bernalillo County assessor’s … Continue reading “Property Tax update on 770 KKOB AM”
Bernalillo County is mailng out notices of value on April 1st, 2010 and the deadline to file a protest of value will be 30 days after that. The remaining 32 counties have indicated that this is there mailing schedule: Our firm offers three options to assist you in property tax protests: 1. buy our 250+ … Continue reading “NM Notices of property tax value are being mailed out”
I recently assisted a client with finding a property tax consultant in Kansas. After using the CCIM network to identify candidates, we issued a brief RFP and identified the top contenders in a short time. Experience Experience should include not only how many protests have they successfully completed, but also the kind training and background … Continue reading “What to look for in a property tax consultant.”
Value Survey 2005-2010 Due to the trailing nature of property tax assessments, this year will be the first year that property tax assessments should go down in value, reflecting the depressed economy and downward trend in values our market has experienced. We intend to use the value survey we complied last year as one of … Continue reading “Property Taxes”
Cantera Consultants & Advisors Inc. recently completed a thorough analysis of all apartments in Bernalillo County. The following graph is a summary of that analysis. The graph illustrates that duplexes, triplexes and fourplexes are assessed at a much higher rate than their bigger peers. If you feel this is counter intuitive, you would be correct … Continue reading “Apartments and Property tax lighting”
I think of our property tax system as a bit of a prisoner’s dilemma (that is the game theory where two suspects are picked up by the police – if they both refuse to cooperate they walk, if either turns on the other suspect, then other suspect goes to jail, and if they both turn … Continue reading “The potential impact of upcoming legislative and legal changes on NM’s Property Tax System”
Operations focus – are your property taxes to high? With the changing economy, many owners are focusing their efforts on reducing operational expenses. One often overlooked item on the expense list is property taxes. The right of the local county to tax your property is embedded in New Mexico’s constitution which also spells out the … Continue reading “Property Tax update on Ministorage buildings in the Albuquerque MSA”
From the RANM newsletter dated 3/10/2009 FROM THE NEW MEXICO LEGISLATURE Property Tax Disclosure Bills Another property tax disclosure bill has moved in the Senate the last ten days. SB 564 (Duran), originally introduced in the Senate at the request of RANM, would require the property owner to provide the written declaration obtained from the … Continue reading “An update on property tax legislation”
OP-EDEquity in property taxes Todd Clarke CCIM The Albuqueruqe Journal editorial titled “Add Equity to State’s CAP on Property Taxes” dated January 23, 2009 contains only part of the information needed to make an informed decision about making changes to the NM property tax system. As always, there are unintended consequences of any piece of … Continue reading “OP-ED- Equity in Property Taxes”
iTunes had just pushed our latest update on the Taxessor app – it will now load your 2010 property tax values allowing you to compare your potential value with your current property tax value.
Thanks to Gus in the Santa Fe County Assessor’s office for sharing the format of the new notices of value that should be standard in most counties in NM starting in 2014. The major change is that these new notices of value now show your prior year valuation next to the current year, which allows … Continue reading “New Notices of value in 2014”
Cantera Consultants & Advisors has just released its 2011 value survey for NM Commercial Real Estate. The survey reflects the collective wisdom of industry professionals in NM. Although Cantera uses the survey primarily for the benefit of it’s during property tax protest hearings, the survey has become staple in the commercial real estate market and … Continue reading “Valuation survey for NM Commercial Real estate released.”
If so – you might be able to get your 2010 property taxes reduced (for free). According to the Bernalillo County Assessor, Karen Montoya, if you owner occupy an apartment (you will need proof in the form of a drivers license or utility bill), you can call the assessor’s office at 222-3700 to seek a … Continue reading “Are you an owner occupant in a Bernalillo County apartment building?”
Thanks to Anil Krishnamurthy for sending me my holiday read – Le Deal by J. Byrne Murphy. Le Deal covers a well known American Developer who decided to expand into the European retail market. Le Deal gives great insight into the differences between development in Europe and America, and provides a handful of good laughs … Continue reading “Book Review: Le Deal”
Todd Clarke and other consultants with Cantera Consultants & Advisors Inc. have worked on the following consulting assignments: Market Study – luxury apartment development NE Heights Albuquerque Market Study – historic redevelopment of Old Albuquerque High School for loft rentals Market Study – historic redevelopment of portion of Old Albuquerque High School for office space … Continue reading “Assignments”
ü Pre-development ü Development ü Re-development ü Refinancing ü Tax Credits ü Workouts ü Repositioning ü Identifying and profiling Residents (target marketing) ü Neighborhood Redevelopment ü Market Studies ü Marketing ü Niche Development ü Master planning ü Focus Groups ü Stakeholder meetings ü Expert Witness ü Property Tax valuation protests ü Property Tax valuation opinions … Continue reading “Services”
“He (Todd) said we would get a $1.00/sf in a market that was averaging $.74/sf .. When we finished leasing, our average rent was $1.00/sf…. ” -Rob Dickson, Developer Lofts at Albuquerque High Enclosed is a chek for your wonderful work in getting (the assessor) to ack off their original assessments for my … Continue reading “Testimonials”
Todd Clarke CCIM is fourth generation native New Mexican and Commercial Realtor, a 20 year veteran of the Commercial Real Estate industry who has listed and/or sold $783,976,097 of apartments in 425 transactions totaling 10,930 units. Prior to being an apartment agent, Todd sold all kinds of commercial real estate for local banks, the RTC, … Continue reading “About”
In a copyrighted story by the Albuqueruque Journal Phase III of the very successful ABQ Uptown project is in the planning stages. Cantera Consultants & Advisors Inc. consulted on Phase II (ABQ Uptown apartments) and Phase III (Quorum). Monday, May 5, 2008 3rd Phase of ABQ Uptown Includes Hotel, Offices, Shops, Condos and Parking Structures … Continue reading “Quorum (ABQ uptown Phase III)”
Please note that the deadline to file a protest is 30 days after the date on the notice of value.
Reading this article at the Economist got me thinking… What if borrowed and lenders had a prenegotiated arrangement that converted debt into equity a commercial real estate deal? I don’t mean like todays, expensive involuntary conversion that happens through foreclosure, but a more organized rational, prenegotiated, pre-nupital like document that said something like “in the … Continue reading “A possible solution for all the commercial real estate debt that is coming due?”
Take this example whereby they explain the inputs a home buyer needs to make a decision: Most people face a future that comprises a combination of Donald Rumsfeld’s known and unknown unknowns. Choosing to buy a house, for example, involves a series of bets on land prices, interest rates, taxes, job prospects, future planning decisions … Continue reading “The Economist has such a way with words”