CAD's initial valuations show El Paso property holding up in recession
by David Crowder
Posted on June 12, 2009
Other major cities, especially in the West, are seeing their home values and tax bases plummet in a severe recession, but the Central Appraisal District’s preliminary property valuations for El Paso show a 7.4 percent increase over last year.
The appraisal district’s preliminary net taxable value for residential and non residential property in the city is $30.9 billion this year compared with the 2008 certified value for all property of $28.8 billion.
This year's valuation includes $747.5 million in new taxable property, or growth from new homes, apartments and business. The new property accounts for 35 percent of the preliminary $2.1 billion increase in El Paso's tax base.
The preliminary values CAD delivered to the city and more than 25 other taxing jurisdictions in El Paso County this week will come down as protests are processed, but not by much.
CAD's interim chief appraiser, Dinah Kilgore, said home values are up two to four percent over last year but a more precise breakdown of residential and other by categories of property won’t be available until certified appraisal rolls are released July 25.
“There is an increase in home values this year, but it’s not a big one,” she said. “Market valued didn’t change and the capped values have either been reduced or eliminated entirely.
“Housing values saw a two to four percent increase throughout the county. Properties are still selling for what people are asking, it’s just slowed down. The Board of Realtors will tell you that there’s still market activity in El Paso.”
The “capped value” refers to the amount of market value for a residential property that was kept off the taxable value because of the 10 percent limit on the increase in any homestead’s annual valuation.
From 2004 though 2007, many El Paso homeowners saw their market values rise by by more than 10 percent a year. The cap meant market value in excess of 10 percent was held over until the following year when it could be added to the taxable value.
Kilgore said other appraisal districts are reporting that property values across Texas are holding steady as well.
Protests of valuations, she said, have been coming in steadily but this will not be a big protest year.
“It hasn’t been a bad protest period,” she said. “We have a new computer system and most people like what they see.”
* * *
To reach David Crowder, write to firstname.lastname@example.org or call (915) 351-0605, ext. 30, or 630-6622.
Most Viewed Stories
- Moody Files For Re-Election
- Police Blotter 12.09.09: Home burglarized while teen hides in restroom, Crime Stoppers Family Violence
- Official Announcement Larry Medina for El Paso County Judge
- We're in the stretch run of the health care debate, but there's still time to learn more
- A classic art form goes from digital to print in new chapbook release
- The border’s “Agent Orange” controversy
- NPT Exclusive! The raw and previously unseen video of Cobos and allies storming the gates
- The Barrio Azteca Trial and the Prison Gang-Cartel Interface
- Sex clubs and swingers in El Paso
- What's love got to do with it? Confused and Fed Up, but it's his baby.