PINGHUA ZHAO v. MONTOYA

Nos. 33,589, 33,594.

329 P.3d 676 (2014)

2014-NMSC-025

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.

June 30, 2014.


Attorney(s) appearing for the Case

Tax, Estate & Business Law, Ltd., Clinton W. Marrs , Stephanie L. Dzur , Albuquerque, NM, for Petitioner Pinghua Zhao.

Davis, Gilchrist & Lee, P.C., Christopher David Lee , Ross & Garrett, Michael C. Ross , Aaron Garrett , Albuquerque, NM, for Petitioners Gregg Vance Fallick and Janet M. Fallick.

Sanders & Westbrook, P.C., Duff H. Westbrook , Albuquerque, NM, for Respondent.


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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