THE PTD PROPERTY TAX BENEFIT<\/p>\n
In New Mexico certain homeowners are entitled to a property tax benefit called a \u201cvalue freeze\u201d on their homes. For purposes of property tax, the value of the home will not increase each year.\u00a0 That effectively limits the increase in the amount of property tax the homeowner must pay year after year. This is in state tax law at \u00a0\u00a77-36-21.3.<\/p>\n
The benefit was extended several years ago to include injured workers who have PTD or permanent total disability.<\/p>\n
The benefit is administered by the local county assessor.\u00a0 To qualify, the homeowner must apply to the county assessor, providing documentation to show:<\/p>\n
If the homeowner qualifies, he or she must resubmit the low income verification for three years.\u00a0 After that the homeowner does not need to reapply as long as the homeowner remains low-income.<\/p>\n
There is a standardized form which is on the website of each county assessor. \u00a0The Bernalillo County version of the form is<\/p>\n
https:\/\/www.bernco.gov\/assessor\/wp-content\/uploads\/sites\/ 44\/2022\/01\/2022_Value_Freeze_English_Application-1.pdf<\/a><\/p>\n or look here to select either the English and Spanish version of the form.<\/p>\n https:\/\/www.bernco.gov\/assessor\/exemptions-applications-other\/<\/a><\/p>\n The Bernalillo County version also has detailed instructions.\u00a0 The instructions might not be on the form for every county.<\/p>\n New Mexico does not have a standardized form issued by the state to document permanent total disability.\u00a0 Therefore it is up to the local county assessor to determine what documentation will be acceptable.<\/p>\n If the injured worker does not have acceptable documentation certifying PTD, he or she might contact the insurer to request such a document or can contact the Workers’ Compensation Administration general counsel\u2019s office.\u00a0 The office has agreed to assist PTD injured workers to verify their status.<\/p>\n WORKERS\u2019 COMP PROFESSIONALS:\u00a0 If you are in contact with any injured workers who might qualify for this benefit, please simply share the information with them or their family members.<\/p>\n <\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" THE PTD PROPERTY TAX BENEFIT In New Mexico certain homeowners are entitled to a property tax benefit called a \u201cvalue freeze\u201d on their homes. For purposes of property tax, the value of the home will not increase each year.\u00a0 That … Continue reading