PINGHUA ZHAO, Plaintiff-Petitioner,
v.
Karen L. MONTOYA, Bernalillo County Assessor, Defendant-Respondent. and
Gregg Vance Fallick and Janet M. Fallick, Plaintiffs-Petitioners,
v.
Karen L. Montoya, Bernalillo County Assessor, Defendant-Respondent.
Supreme Court of New Mexico.https://leagle.com/images/logo.png
Sanders & Westbrook, P.C., Duff H. Westbrook , Albuquerque, NM, for Respondent.
Supreme Court of New Mexico.
OPINION
MAES, Justice.
{1} In these consolidated cases, Pinghua Zhao, Gregg Fallick, and Janet Fallick (Homeowners) appeal the valuation of their residences for property tax purposes as a result of what they allege is "tax lightning," also known as acquisition-value taxation. Under acquisition-value taxation, a real estate owner's property tax liability is determined by the value of the property when acquired, not by the traditional practice...
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