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Tax Lightning is Legal (again)
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 to the decision: NM Supreme Court - Tax Lightning Case
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