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 – generally, the newest nicest apartments with swimming pools, clubhouses and movie theaters are the larger apartments.
So whats going on in the details?
Simple – our property tax code is too complicated, and skewed towards the larger owner who can afford to higher a property tax consultant such as Cantera and the smaller owners are less likely to pay attention when their notice of values come out.
What can you do about this? Join advocacy groups like the Apartment Association of NM and work with there government affairs committee to help our legislature change our laws.