EL PASO, Texas (KTSM) – The City of El Paso voted to lower the tax rate as home appraisals are up by approximately 15 percent for single-family homes.
However, you might still see an increase of around $80 yearly on average in City taxes depending on your home appraisal value. The Chief Financial Officer for the City of El Paso says that the increase would have been around $150 more if the City hadn’t voted to lower the tax rate.
The City explained that the increase in tax dollars will go towards public safety mainly police and fires as well as for the new museums in the Downtown area.
“The Children’s Museum will open next year, and the Mexican American Cultural Center will open next year, the Penguin Exhibit so that requires operating. We have to hire more staff. So that’s an increased cost, that’s an increase in services we’re providing something we don’t have now,” said Robert Cortinas the Chief Financial Officer for the City of El Paso.
The City is one of five taxing entities in El Paso and accounts for 29% of your property taxes according to Cortinas.
The El Paso Central Appraisal District saying overall county-wide we saw an increase of 12.73% in the taxable value.
The Assistant Chief Appraiser, David Stone told KTSM 9 News that another re-appraisal will happen next year due to the market. However, he says he doesn’t anticipate El Pasoans to see increases as they did in 2022.
“My gut feeling at this point in time is we’re not going to go up as much next year as we went up this year and there’s even a chance that it may go down because there’s been some indications in the market nationwide that things are slowing down, especially with inflation causing interest rates to go up that that’s taking some of the heat off.