EL PASO, Texas (KTSM) – The El Paso County Commissioners Court passed what it is calling a No New Revenue property tax rate and is hoping it will help alleviate some of the burden that homeowners are feeling from rising property valuations when it comes to tax time.
The Commissioners Court voted to lower the county tax rate from $0.470181 to $0.426289 per $100 of property valuation, or a decrease of 9.34 percent.
Meanwhile, the average taxable home value on the county tax roll has increased by 12 percent, according to the county.
The tax rate achieves the county’s goal “of easing some of the pressure on taxpayers caused by inflation and other economic related issues,” stated a news release issued by the county.
The county’s taxable property values and tax rate determine how much funding the county government will receive from residential and commercial property owners. The county tax rate makes up about 15 percent of the total property tax bill collected in El Paso County.
The Commissioners Court also approved the tax rate for the El Paso County Hospital District (for University Medical Center) as well as the hospital’s operating and capital budgets.
The approved tax rate is also a No New Revenue rate of $0.235 per $100 valuation and represents a decrease of about 9 percent compared to the prior year.
This is the second year in a row that the UMC tax rate has decreased but county officials point out that may not translate to a tax reduction for the average taxpayer, again because of rising property values.