EL PASO, Texas (KTSM) – The County Commissioners Court approved the Voter Approval Rate (VAR) on Monday, Aug. 28 for the 2023 tax year at a tax rate of 0.458889 per $100 taxable property value, according to a press release sent by the El Paso County.
The El Paso County says this value is composed of a Maintenance and Operations (M&O) Rate of $0.406984 and an Interest and Sinking Rate (I&S) of &0.051905 per $100 taxable property value.
The VAR tax rate will effectively be raised by 7.65% resulting in an increase of approximately $32.60 per year on a $100,000 home value, according to the El Paso County.
Since February 2023, the county has engaged in various budget hearings throughout the year regarding the proposed budget for FY2024, which begins on Oct. 1.
The County of El Paso says the Commissioners Court held a public hearing for the community to provide feedback on the tax rate adoption on Monday, Aug. 21, and the public provided additional feedback during the court’s regular meeting on Monday, Aug. 28.
The FY2024 county budget is schedule to be adopted on Monday, Sept. 18 which includes various community-based initiatives that advance the county towards the Commissioners Courts’ mission and vision.
The budget is based on sustainable revenue sources to fund current and future priorities including ongoing capital projects impacting fleet, technology, public safety equipment, HVAC and ADA needs, the Sheriff’s Office collective bargaining agreement, personnel wage adjustments, trial expenses, election costs, and integrating diverse financing tools for larger projects such as stormwater mitigation, deferred maintenance, increased security measures, transportation/mobility and park improvements, according to the County of El Paso.
In addition, the adopted budget is an “integral component” that allows the county to function effectively in the current environment and ensures that it’s prepared for challenges well into the future.