El Paso County Residential Values Increase 16.5%

 Property tax assessments for homes were increased by 16.5% for the tax year 2021, based on a review of 11,690 homes valued by the El Paso Appraisal District. Homes valued at $1 million or higher had the largest increases, average 21% higher than 2020.

Review of 11,690 homes valued at $300,000 or indicates an increase in assessed value of $4.07 billion, up 10.9% from 4.52 billion in 2021. Total property taxes for 2021 for homes valued over $300,000 would total $129.2 million, based on a 2.7% tax rate before considering homestead exemptions.

El Paso has 157 homes valued at $1 million or higher.  They are valued at $0.21 billion in 2021, up from $0.19 billion in 2020.  Values were increased for 140 homes, reduced for 16 homes, and remained flat for 1 home.

Homes valued at $300,000 to 500,000 increased from 3.00 billion in 2020 to 3.34 billion in 2021, an 11.1% increase. Of the 9,928 in this price range, values were increased for 8,604, reduced for 1,323, and remained flat for 1.

Luxury homes valued at $500,000 to $1,000,000 rose to $0.97 billion in 2021 from $0.88 billion in 2020, a 10.1% increase.  This group of homes had the smallest level of increase, but still a sizable increase. Most homes in this price range saw an increase in the property tax assessment. Of 1,605 homes valued at $500,000 to $1,000,000, 1,403 were increased in tax assessment, 200 were reduced and 2 did not change.

El Paso County homeowners are encouraged to protest their property tax assessment, regardless of whether it was increased, reduced, or remained flat. El Paso Appraisal District has limited staff to value well over 200,000 homes in El Paso County. Homes are valued using the cost approach.  The only option for quality control is a property tax protest. Otherwise, El Paso Appraisal District staff is highly unlikely to review the estimate of value generated by their computers.

There is no risk to appealing. The appraisal district and appraisal review board may not increase the assessed value due to an appeal. The only options are to reduce it or leave it the same. 85% of homeowners who appealed in 2019 were successful in reducing their property tax assessment.

The property tax appeal deadline is Monday, May 17th.


Visit: https://www.poconnor.com/el-paso-county-residential-values-increase-16-5/ to know more

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