A. A property owner may protest the value or classification determined by the county assessor for the property owner’s property for property taxation purposes, the allocation of value of the property to a particular governmental unit or a denial of a claim for an exemption or for a limitation on increase in value either by:

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(1)     filing a petition with the county assessor as provided in the Property Tax Code; or

(2)     filing a claim for refund after paying the property owner’s taxes as provided in the Property Tax Code.

B. The initiation of a protest under Paragraph (1) of Subsection A of this section is an election to pursue that remedy and is an unconditional and irrevocable waiver of the right to pursue the remedy provided in Paragraph (2) of Subsection A of this section.

C. A property owner may also protest the application to the property owner’s property of any administrative fee adopted pursuant to Section 7-38-36.1 N.M. Stat. Ann. by filing a claim for refund after paying the property owner’s taxes as provided in the Property Tax Code.