'That 2.11% compared to the historical 4% interest rate that we've received in the last three years,В equates to savings of almost $33 million dollars over the life of these bonds,' Cortinas said.В 'GivenВ that interest rate, it's just phenomenal.' Last week the city received an 'absolutely phenomenal'В deal, Cortinas said. The city representativesВ also voted, 6-2, to authorize $141 million worth of bonds and certificates of obligation toВ complete or begin deferred capital improvement projects. In April, El Paso City Council voted, 6-2, to approve refinancing of old bonds. More: Central Appraisal District, property valuations out of control: Letters to the Editor 'If we were saying,В 'We're going to open up all of the quality of life services, we're going to fund all of our vacant positions, we're going to bring back all of our street maintenance project money,'В - it would beВ irresponsible and we're not doing it, but we could say, 'you know what we need to increase the tax rate another three cents,' ' Cortinas said. Total taxable valuation of single-family homes in the county is $29.68 billion this year, an increase of 13.3%, according to Appraisal District data.Д«ut homeowners won't have to face an increase in the city's property tax rate because of increased property values.ДЄs the city's quality of life services begin to reopen, Cortinas said it's important to continue to invest in the community while minimizing 'the impact on taxpayers by holding the line on the tax rate.' Despite having the same tax rate, taxes may still go up because of valuations. However, in April, the El Paso Central Appraisal District announced properties within the county will be increasing in value because of a large increase in cost of lumber and other materials to build a home. More: CAD to the rescue with higher property valuations: Reader OвЂ™Connor is the largest property tax consultant in the U.S., helping the owners of over 205,000 properties to reduce their property taxes annually.City of El Paso officials are looking for ways to save money or find revenue in the 2022 budget, but that won't involve an increase in the property tax rate.Д®l PasoВ Chief Financial OfficerВ Robert Cortinas said the city will 'maintain the overall sameВ property tax rate for the fiscal year 2022 budget.' The only fee is a part of the savings in years we successfully protest your property taxes. No Risk Option for Tax Appeals Pay Only for ResultsДЄlternatively, OвЂ™Connor can protest your property taxes without any upfront fee or cost. There are many advantages to appealing property taxes including: 1) reducing your property taxes about 60 to 70% of the time, 2) obtaining the El Paso County Appraisal District hearing evidence file to determine if your property is accurately described and 3) staying current with the true value of your home based on reviewing comparable sales in the El Paso County Appraisal District evidence package. You can search for any account whose property taxes are collected by the El Paso Tax Office. The normal protest deadline is May 15 th. A return item fee of 30 will apply to any returned check. There is no cost to file a protest with the El Paso County Appraisal District. How Can You Make Sure You Are Not Overtaxed?Д®l Paso County property owners are strongly encouraged to reduce their property taxes by appealing property taxes annually. In fact, incredible, 337 houses were assessed at more than 130% of market value! ThatвЂ™s right, 337, or 3.95% of the houses in the sample were assessed at more than 30% in excess of the fair market value based on a recent sale. For example, there are 1,099 houses (12.88%) assessed at more than 110% of market value and 547 houses (6.41%) valued by El Paso County Appraisal District above 120%. Of these, 2,702 houses (31.6%) were assessed at more than 100% and 5,827 of houses (68.3%) were assessed below 100%. There were a total of 8,529 houses in the study. Many houses are well above or well below this level.

Most Houses are Not Valued Accurately in El Paso County The median assessed value in 2020 in El Paso County for houses is 94%, based on a ratio study of 20 8,529 home sales prepared by OвЂ™Connor. The median defines the number for which an equal number of records are above and below this level. Overall the average value is close to 100%. El Paso County Appraisal District is responsible for accurately valuing the houses in El Paso County.

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