Property Tax Time

It's time to pay our property taxes again. Something most of us have our mortgage lenders do for us twice a year. So, we thought we'd shed some light on the process as a result of some phone calls we've received recently from concerned clients.

Our property taxes are due semiannually in New Mexico, on April 10th and November 10th of each year. They are considered delinquent if not paid by May 10th or December 10th. The vast majority of homeowners (who have a mortgage) have their property taxes escrowed, meaning every month when you make your mortgage payment, it includes an amount that is placed in a separate account so the money is available for the taxes to be paid when they come due.

Each year in late October, early November, the county sends out the Property Tax Bill for the upcoming year. So you should have received the bill for the 2008 property taxes by now. This can be a little confusing because the bill is sent to your home, and even includes payment coupons, which makes it seem like the county is expecting you to pay the taxes. BUT, the county ALSO sends the bill to your mortgage lender (or servicer), which the lender/servicer will use to make the biannual payments. You will notice on the top third of your bill (just to the bottom and right of the address section), there is a notation for "SENT TO #", which is the lender or servicer handling your escrow account. Don't be alarmed if you don't recognize the name. Many lenders use third party entities to manage these escrow accounts and related payments.

So, please don't be concerned by the bill you received. It is normal protocol that you should receive it, and the lender/servicer will be paying the taxes.

That said, we think it's a good idea to go to the county's website and verify that the taxes have been paid. If you'd like us to do that, we'd be more than happy to - just give us a call. We love to hear from you anyways, and want to serve you in any way we can. Or, if you prefer, you can go to:

http://www.bernco.gov/property/default.asp?qpaction=search_form&type=parcel

There you will enter the Parcel Number, which you can find at the top left corner of your bill. If you don't have your bill handy, you can also search for your property by situs address (just click this link from the site mentioned above). Situs address is simply your very basic address. For example, if your address is 1234 Willow St. NE, you would only enter 1234 and Willow. Any more than that and it won't find your home. Upon searching, you'll click on the Parcel # and it will go to your home's "file". Here you'll click on Tax and Payment History and you'll be able to see whether your current taxes have been paid. (This is for Bernalillo County only. For Sandoval and most other counties, you'll need to call the Treasurer's office to see if your taxes have been paid). It probably doesn't make sense to check until middle to late November.

Something to keep in mind: it's not uncommon for the account to reflect an unpaid balance even after December 10th. This is because the county is inundated with payments and it takes them a while to get them posted to the system. You can also call your lender, or log in to their website to see if they've disbursed your tax payment.

And again, don't hesitate to give us a call and we'll help you figure all this out.