$7 Million NM Home With $25.00 Taxes?!
County and state officials want to know how the owner of a Los Ranchos mansion listed for sale at $7 million was billed only $25 for property taxes this year. Bernalillo County assessor Karen Montoya says she's trying to find out how the newly built home still is listed as vacant agricultural land. The state Taxation and Revenue Department sent a letter to Montoya last month pointing out the designation and noting it now had a 12,000-square-foot luxury home.
Taxation and revenue secretary Demesia Padilla says property owners should notify the assessor when they build on agricultural property. The low assessment was first reported by KRQE-TV in Albuquerque. The tax bill should be about $83,000.
The Journal could not reach the owner for comment.
Information from: Albuquerque Journal, http://www.abqjournal.com
Copyright 2012 The Associated Press.