Hoping that the silver lining behind the recession and the collapsing housing market that created it will be a small increase or none in your home valuation this year?
Take take a deep breath and think again.
Market values rose only 1.3 percent in 2007, but the taxable valuation of the average homestead in El Paso County will jump 9 percent this year anyway.
And there is yet more to come next year, says the El Paso Central Appraisal District’s chief appraiser, Jerry Griffin.
The first batch of 50,000 appraisal notices from the El Paso Central Appraisal District will likely hit mailboxes Monday, and the news won’t be good for many – regardless of what you may have read recently.
Last year, the taxable values of 110,000 of the county’s 140,000 homesteads were capped at 10 percent.
About $2.1 billion in value – the equivalent of 20,000 homes worth $100,000 each – was left off the rolls because of the state-mandated cap.
That means taxable value was left over, and it’s coming home to mailboxes in the form of appraisal notices and, in October, property tax bills this year.
And Griffin said after this year’s 10 percent caps are in place, there will still be $1 billion in value on 86,000 homes waiting until next year.
The only lucky property owners this year are likely to be the ones who were the unluckiest last year.
“People who have rental property or investment property will see, on average, a 1.3 percent increase,” Griffin said.
Those property owners don’t get the the benefit of the 10 percent cap, so they took the full hit as property values in El Paso surged last year and the two years before that.
Jim Thomas
March 29, 2008
Interesting to note that of the largest cities in Texas, only El Paso is run by Democrats and also has the largest home owner tax increases, year after year. Has the most unemployed. Has the highest cost of living. No wonder new businesses go elsewhere. Let's rename it to North Juarez Texas.
Gene
March 29, 2008
Just like every business in El Paso, The city/county needs to redo their budget, cut expenses and quit planting things on mediums that need maintenance and water.
Our lawns are going to hell from low and no watering but the city keeps planting trees in the mediums that need to the trimed, watered and cared for. . . And blocks the vision of traffic from the other side.
Lets pay a city manager many times what the mayor gets that can re-think the budget. OH, yes, we are already doing that.
Things like that is what is adding to the budget with no effect of savings. You just can't have everything you want when you are on a budget or need to cut the budget.
Find out where the losses are in the city and county spending and stop the leak. Most El Paso business owners are living on the same wages for the past 8 years.
Any city & county official that can cut this budget and spending and show that to the homeowners, will get re-elected and re-elected without even trying.
Don't blame the Democrats or the Mayor and City manager
March 29, 2008
Look at the national economy that is tanking due to hedged high risk morgtgage, high gasoline prices, deregulation of utilities.
On a state level tax payer funded research bonds that are being paid for by homeowners should have been paid for by the ones who profit the most from it :the pharma industries. School building improvement bonds are also raising the home valuations. Oh sure pay the developers big dollars who low ball figures then go into overruns and now that it is time to start paying people are trying to blame the mayor?
Hold those developers responsible for overruns.
Inflation that has exceeded the minimum wage increase all across the board. The value of the dollar is low.
Considering the US has a republican president , Texas has a republican governor, and republican majority, there is little to blame on one ethical Democratic Mayor.
The tax bills are the ones rated from last year (too inflated from easy mortgage money before the Enron type mortgage meltdown).
Blue Phantom Lady
March 29, 2008
... And when property values go up, the rentals also go up! Who can afford to rent a nice home for $1200 - $1800, when their own monthly income to qualify to rent, has to be 3x the month's rent/lease fee? Not too many jobs in EP pay that much monthly. Might as well rent much, much lower, try to save and buy a home within a year instead.
... Current homes are generally renting out for the amount of the mortgage payments. With new tax increases, the tenants are the ones to pay these taxes, not the homeowners!
~ BPL
Ken G
March 29, 2008
More protests
JP
March 29, 2008
Why in world hasn't any of the media reported on the reasons why and how appraisals were allowed to be implemented yearly! I remember when they were done every three years, and that was originally what the ten per cent cap on increased taxes was based on ( 10 % cap over a period of 3 years). Which Politicians/Authorities allowed this to change without also changing the cap to 3.333 % per year (which is 10% over 3 years). Where was the media when this occurred? Where was the Public outcry? Why isn't the media holding the politicians/taxing entities etc. accountable? The formulas being used to assess property values for homeowners are patently unfair They should be based on the per capita income of those same homeowners, not on what people from other parts of the country (or wealthy investors who sold their million dollar homes at a huge windfall) are willing and able to pay.
Which average El Paso homeowner receives a 10 % salary increase each and every year?... What we as taxpayers need is a taxpayer revolution! If our local elected officials do not act, lets get them out !
joe
March 30, 2008
Its not like we live in a city that attracts a majority of travelers that want to come here for the excitment of our major attractions such as the Ascarate Lake, The Washington Park, The Rio Grande and of course now The Asarco.Certainly Juarez is out of the picture with all those Murders. I cant believe that our community allows this type of decissions to be imposed and implemented on us, why do we just keep accepting this exorbitant property increases when our economy is in a recession? Why cant we as constituants and as residents of this city vote and decide whether we want a tax increase I have talked to many people that have seriously mentioned leaving El Paso and Moving to Santa Teresa or Las Cruces.I myself am contemplating looking into the possibility of making such a move. Our water bill has increased our light bill has increased our gas bill has increased our property taxes have increased considerably,This has become a perpetual and absurd situation here in El Paso it is imperative that we as resident of this city do something very soon otherwise our properties will be so overpriced and taxed that nobody will want to invest here in El Paso our houses will just sit and accumulate dust because they will not sell, by then it will be too late to get rid of them.
Our properties should be decreasing in values instead of being increased so drastically We should contact our City Council our Repesentatives and anyone that will listen to our pleas for fairness and compassion for our Elderly that are on a fixed income the many young people that earn little income and have children that require medication.We have become like California they have taxed themselves to death.They are trying to squeeze water out of a turnip.what I want to know is where is all this Money going? I dont see any major attractions I feel that we are just a bunch of loosers
just turning the other cheek. when will this end.
Lou Moreno
March 30, 2008
The folks in El Paso need to stage a property tax payer revolt. With the real estate market in turmoil througout the country, including El Paso - it is truly shocking that the EP Tax authority would have the audacity to increase property tax values to generate more income for the beauracratic machinery. It is unbelievable when other tax collectors in other states are graciously accepting tax appeals to lower taxes due to declining values, El Paso tax collectors are doing the opposite. Property owners need to rise and take strong action against these beauracratic bullies!!
Laura Enriquez
March 31, 2008
Every taxpayer in El Paso should file a protest on the increase in the value of their house. It takes some time to do but you learn a lot in the process.
A$$-Backwards
April 30, 2008
Here's my take on it... El Paso is a "poverty city". Most El Pasoans live below the poverty level. Democrats love to tax the rich to feed the poor. This equates to the democrats constantly being elected here to do so. Unfortunately, in this case, the majority rules - so things will never change. Hell, I'd probably vote for someone handing me a free meal ticket, too. It's disgusting that 1/3 of my monthly mortgage payment goes to my escrow account to pay taxes. I am so sick and tired of paying taxes for Thomason Hospital when I'll never use the damn thing, but thousands of illegals will. Also, with amount of taxes going to SISD, we should have some of the top schools in the country. Oh wait, I forgot.... Someone has to pay for the illegals to go to school, too.
Donald Brewster
June 11, 2009
The property appraisal appeal process is straightforward. Either find recent home sales in El Paso by internet, or ask a real estate agent to compose a CMA (comparative market analysis). Figure out the average cost per square foot, multiply that with your homes square footage, and get a home value. If it agrees with what the Central Appraisal Districts estimate, it's hard to argue against someone willing to pay 'x' amount of dollars in an open market. The CAD uses this method to make their case. You will have to use this metric to make yours. Take action. If many people challenge using the appeals process, which is easily available, and make a good case, then the CAD poohbahs will think twice about routine, incremental increases in property values. Every time I've appealed, they seem to want to accede to my wishes just to cut the time they have to spend with my appeal.