new mexico: Tax Lightning is Legal (again)
- 07/01/14 02:01 AM
Yesterday the NM Supreme Court upheld that the concept of 'Tax Lightning' is indeed legal and can resume across New Mexico. What was happening was when a home was sold, the assessed value immediately became the sale price resulting in property tax bills that sometimes doubled or tripled in some cases. Because of legal challenges several years ago, the practice was halted. Now, county assessors are free to resume the practice. I'm hoping that the NM Legislature takes up the issue again in a thoughtful way and fixes this problem once and for all. For legal wonks, here is a link … (0 comments)
new mexico: How to buy a new primary residence and turn existing into a rental!
- 01/31/14 01:36 AM
I get asked all the time about buying a new primary residence and turning an existing primary residence into a rental, so I thought I'd put out some tips on how to accomplish this. Here are the 5 main things to consider: Is the new home you're buying more expensive than the value of your existing home? If not, you'll need a good explanation why you're moving 'down' in home quality instead of moving 'up.' Can you qualify for a new 2nd mortgage with your existing reportable income? If so, no problem at all... Proceed ahead and skip #3! If you … (0 comments)
new mexico: Buy your first rental home in 2014!
- 01/16/14 07:46 AM
If you’ve ever thought about purchasing a rental property, 2014 will be a great year to do it! Rates continue to be very low and home prices are still very affordable as well. From my personal experience and conversations with folks who have rentals, here are the first 3 things to consider when purchasing a rental: Make sure you have the required down payment for a rental, which is a minimum of 20%. If you can come up with a 25% down payment, the rates and fees are much improved. Make sure that you have the necessary cash reserves, which is … (0 comments)
Yesterday the NM Supreme Court upheld that the concept of 'Tax Lightning' is indeed legal and can resume across New Mexico. What was happening was when a home was sold, the assessed value immediately became the sale price resulting in property tax bills that sometimes doubled or tripled in some cases. Because of legal challenges several years ago, the practice was halted. Now, county assessors are free to resume the practice.
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