Santa Fe County Assessor presents 2025 valuation report; office reports 4% net taxable value growth

Santa Fe County Assessor Isaiah Romero briefed the Board of County Commissioners on May 13 about the assessor’s 2025 annual report and property valuation maintenance program, reporting a net taxable value increase of roughly 4% over the prior year and outlining office modernization work.

Key points: Romero said the county’s market value base for 2025 is about $12.014 billion for real estate, with the assessor’s office reporting a 5.97% increase in total real estate market value over 2024 and an overall net taxable value increase of about 4%. He told commissioners that new constitutional amendments increased the veterans’ exemption (noting a rise in the allowable exemption in 2025) and that an additional disabled‑veterans exemption change will take effect next year and further reduce taxable valuations for qualifying properties.

The Nut Graf: The assessor’s presentation combined high‑level valuation statistics with operational details: the office is pursuing a four‑year door‑to‑door reinspection cycle, implemented a new digital workflow system intended to reduce paper processing, and is pursuing recertification for the International Association of Assessing Officers certificate of excellence program. Staff outlined areas of continued attention including short‑term rental valuation, manufactured homes, agricultural property valuation and protests.

Romero and Deputy Assessor Ivan Barry reviewed appraisal metrics used in mass appraisal (sales comparison, cost and income approaches), and said the office’s statistical quality measures currently meet industry standards based on the property tax division audit process. The presentation showed the assessor’s office received roughly 2,634 residential sales affidavits in 2024 and processed fewer valuation protests in the most recent year than in prior years.

Operational changes: Romero described upgrades to the office website, an implemented workflow tracking system (which he said supports roughly tens of thousands of “touches” per month), a short‑term rental evaluation process, and a parcel reinspection program with a four‑year cycle (phase 3 is underway and includes much of the City of Santa Fe). He also said the office is handling ongoing hospital exemption protests and is coordinating with county legal staff on complex commercial appeals.

Commissioners asked about federal lands and PILT payments, short‑term rental reassessments and how building permits affect the 3% limitation on residential assessed value; Romero explained that new construction that changes a property will be assessed on the added value while the preexisting portion of qualifying residences remains subject to the state 3% annual cap. He also said PILT (payments in lieu of taxes) is an intergovernmental matter and generally handled through federal or tribal agreements, not by the assessor.

Action: The Board voted to approve the assessor’s property valuation maintenance program resolution. Motion to approve offered by Commissioner Lisa Kokari Stone, seconded by Commissioner Justin S. Green. Vote: unanimous.

Ending: Romero told commissioners the office will continue to focus on mobile homes, agricultural valuations and business personal property as areas that require additional audits and improved data capture.