EL PASO, Texas (KTSM) – It’s official, you’ll soon be paying more tax dollars.
After going back-and-forth, the 2020 Fiscal budge was adopted on Tuesday after City Council voted to override the Mayor’s veto.
As KTSM has reported, the proposed budget of more than $1 billion would raise the City property tax rate by 6.4 cents per $100,000 valuation.
For instance, property owners with a home that’s valued at $100,000 would pay a $64 annual variance. For those with over 65 years old or disabled exemptions, it would be a $38 annual variance.
Last week, Mayor Dee Margo vetoed the budget after he said he would not approve a rate increase of more than two cents.
Today members of City Council voted 6-2 to overrule the veto. City Reps. Sam Morgan and Henry Rivera voted against the override.
“Disappointed,” Margo said. “My whole point was that we have a disproportionate property base. Seventy-two percent of our property base is residential so there’s this overarching burden that falls to residential property owners.”
What does it mean for you?
There will be a $64 increase in what you pay for a home worth $100,000. And that is just for the city’s taxes. It does not take into account your tax bill for the county, school district and hospital.
What will the increase pay for?
Part of the budget will be to continue to fund police academies, add more police officers, replace gear for first responders and fund Quality-of-Life projects.