Assessor's office: transfers can trigger reassessment; revocable-trust exception noted
At a Bernalillo County Q&A, assessor staff said state statute requires reassessment after a change of ownership but lists eight exceptions, including transfers into revocable trusts for the owner's benefit, and recommended consulting a property tax attorney.
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When an attendee asked whether placing property in a trust would affect valuation, a Bernalillo County Assessor's Office representative said a transfer that changes ownership normally triggers reassessment to current valuation under state statute. "So anytime that you put a property in a different name or there's a change of ownership per state statute, your county assessor is required to bring that property up to its current and correct valuation as if it's sold to somebody else," the representative said.
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