EL PASO, Texas (KTSM) – El Paso homeowners are receiving their latest property tax valuations in the mail this week to find a significant increase yet again.
According to Dinah Kilgore, the Executive Director and Chief Appraiser with the El Paso Central Appraisal District, it’s all because of a hot housing market.
“I mean, the homes are selling overnight bidding wars, the market right now is extremely hot, it’s even a little volatile,” Kilgore said.
For the second consecutive year, homeowners are seeing an increase by thousands of dollars in their valuations. Kilgore said in El Paso, the demand for houses keeps outweighing the supply.
“So every year as the market goes up or down, we have to follow the market and adjust property values accordingly,” Kilgore said. “There’s a very low supply here in El Paso County. We have less than a month’s worth of new homes available.”
El Paso CAD is now reappraising properties based on what’s happening in the market. Typically it happens every three years but because of the market, it’s been happening each year.
Homeowners property appraised value will go up according to the market. But assessed value, which is what the tax rate is applied to, will only go up 10%.
“So say, for example, the example you just gave your home when you purchased it, you purchased it for $100,000 and right now it’s on for $200,000. Well, your tax is going to be based on $110,000 because it can only go up 10% higher than what it was a year before,” Kilgore said.
Homeowners can protest their valuations until May 16. To protest, homeowners can call El Paso CAD at 915-780-2131 or email firstname.lastname@example.org.
Protests also can be filed in person at the El Paso Central Appraisal District office at 5801 Trowbridge Drive.
There are also exemptions for some homeowners who are over 65 years old, disabled, or disabled veterans exemptions.
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