In November, El Paso voters approved a substantial property tax cut package, anticipating lower property taxes this year.
Despite these expectations, homeowners in El Paso have encountered an unexpected increase in their property appraisal values.
Reports of Increased Property Values
According to KTSM 9 News, many El Paso homeowners were surprised to receive their property valuation notices revealing a significant increase in values.
This has raised concerns among the residents regarding the potential rise in their property taxes despite the approved tax cuts.
Reasons Behind the Valuation Increase
The Chief Appraiser for El Paso County has attributed this spike to a robust and continuously thriving market.
Dinah Kilgore, the Chief Appraiser, explained that the market’s health requires adjustments in appraisals to reflect current values accurately.
She emphasized that even if homeowners haven’t made physical improvements to their properties, the market dynamics necessitate these adjustments.
Legal Constraints and Appraisal Procedures
Kilgore noted that the law mandates the appraisal district to adjust valuations based on market trends. She clarified that their department is merely following protocol, and it is the elected officials who determine the actual tax rates.
She also highlighted that there is a legal cap on how much total valuation can increase annually.
Advice for Homeowners
For those who believe their property has been overvalued, Kilgore advises protesting the appraisal.
She recommended that homeowners should gather evidence, such as recent sales data in their area, and submit their protest by May 15th or within 30 days of receiving their notice. This step is crucial for homeowners to potentially lower their appraised values.
Conclusion
While the market benefits from high property values, homeowners may feel the pinch through increased taxes.
However, there are mechanisms in place for homeowners to challenge their appraisals if they believe them to be unfair.
