Here’s Why El Paso Property Taxes Are Going Through The Roof
If you almost fainted when you got your 2021 property tax appraisal you aren't the only one. Turns out that there are some very good reasons as to why some El Pasoans got the surprise of a lifetime when they opened that envelope from the El Paso Central Appraisal District, it's just not a reason you're going to like because it will likely mean an extremely large hike in your property taxes.
There are a number of reasons why this year the Central Appraisal District is hiking some property values by as much as 13%. One reason is because there were fewer homes being built during the pandemic. Social distancing, stay at home orders, and a general slowdown of business because of things like COVID-19 positive test results putting entire crews on the sidelines resulted in fewer homes being built.
With fewer homes on the market in El Paso, the homes that are coming up for sale are hot commodities. Real estate agents say that in some cases homes are selling in under a week with a number of people bidding for the same house and often offering more than the selling price. Local real estate agents say that they are getting a lot of interest from buyers outside El Paso who can move out of high priced areas like California because they are able to work remotely and they are also driving prices up.
All this means higher sales prices and higher valuations for locals. That means possible steep hikes in property taxes. The valuation that you get in the mail right now is not your bill but it is a good idea of what your taxes will look like. If you want to protest your property tax valuation, you definitely need to click here. The CAD explains the protest process and it is something you should look into before it's too late.