Preparing for Changes Ahead

El Paso, Texas

Real Property Update

December 2, 2024

Dear Homeowner,

As 2024 ends, property owners in El Paso should stay updated on recent developments and upcoming deadlines affecting property taxes. The November election approved bonds for healthcare, parks, and infrastructure, leading to changes in tax bills.

This newsletter outlines what these changes mean for you, key deadlines to remember, and steps to prepare for tax year protests in 2025. Staying proactive can help you save money and avoid penalties.

November Election Recap

The November 5th election introduced several changes to property taxes in El Paso. Here’s what property owners need to know:

• University Medical Center of El Paso Bond:
  Voters approved a $396.6 million bond to fund expansions at UMC El Paso, including new facilities for geriatric and cancer care. This investment aims to enhance healthcare services across the county. However, homeowners will see a property tax increase of $29 per year for a home valued at $200,000. Larger or more highly valued properties will face proportionally higher increases.

• El Paso County Capital Improvement Bonds:
  Three of five proposed bond propositions passed, focusing on infrastructure and community improvements:

  • Proposition A – Parks: $95.6 million allocated to upgrade Ascarate Park and other recreational facilities, improving public spaces for residents and visitors.

  • Proposition B – Medical Examiner’s Office: $26.7 million to construct a state-of-the-art medical examiner facility, ensuring more efficient forensic services for the county.

  • Proposition E – Animal Shelter: $32.7 million to establish El Paso County’s first public animal shelter, addressing the region’s growing need for pet care and stray management.

• Property Tax Rate Update:
  El Paso County’s tax rate for the 2024 tax year is now $0.3790 per $100 valuation, reflecting an 8.91% increase compared to 2023. This means a home valued at $200,000 would generate approximately $758 in annual county property taxes.

Paying Your Taxes on Time is Crucial

Timely payment of property taxes isn’t just about avoiding penalties—it’s essential to preserving your rights as a property owner.

• Why It Matters: If you don’t pay your property taxes by January 31, 2025, you’ll lose your ability to protest your property’s assessed value in 2025. This is true even if you believe the 2024 assessment was too high.

• Penalties and Interest: Starting February 1, 2025, unpaid taxes will incur monthly penalties (up to 12%) and interest charges (1% per month). For inherited properties, this could lead to significant financial strain, especially if exemptions are not properly filed.

• Special Note for Inherited Properties: If you’ve inherited property, check the tax status immediately. Delinquent taxes on inherited property may disqualify you from appealing its assessed value or claiming important exemptions, such as the homestead exemption.

Important Deadlines to Remember

• January 31, 2025: Deadline to pay 2024 property taxes without penalties. Make sure your payment is processed by this date to maintain your protest rights.

• February 1, 2025: Penalties and interest begin accruing on unpaid 2024 taxes, compounding the total owed over time.

• May 15, 2025 (or 30 days after receiving the appraisal notice): Deadline to file a protest for your 2024 assessed property value. Missing this date forfeits your chance to challenge an inaccurate assessment.

Now Accepting Clients for Property Tax Consultation Services for Tax Year 2025!

Property taxes can be overwhelming, but we’re here to help. Our expert services include:

• Tax Bill Review: We’ll examine your 2025 assessment for accuracy and ensure all eligible exemptions are applied, potentially saving you money.

• Exemption Filing Assistance: Unsure how to claim exemptions? We’ll guide you through the process for homestead, over-65, veteran, or inherited property exemptions.

• Appeal Preparation: If your 2025 property value is over-assessed, we’ll gather evidence, build a strong case, and update you through the protest process.

• Strategic Tax Planning: Rising tax rates don’t have to derail your finances. We’ll provide tailored advice to minimize your long-term liability.

📞 Contact us today to secure your spot for the 2025 tax year consultation. Don’t wait until it’s too late!

End-of-Year Checklist for Homeowners

Before December 31, 2024, take these actions to stay ahead:

1. Pay Any Outstanding Property Taxes: Ensure all taxes are current to avoid penalties and protect your right to protest in 2025.

2. File Exemptions: Submit exemption applications for inherited, primary, or qualifying properties to reduce your taxable value.

3. Review Your Property’s Market Value: Make a note of discrepancies between your property’s market value and its assessed value to prepare for a potential protest.

4. Keep Records Organized: Save all property-related documentation, such as repair estimates or neighborhood sales data, for easy access during the protest season.

Let’s Help You Navigate 2025 Property Taxes

Property taxes are complex, but you don’t have to face them alone. Reach out today to schedule your consultation or learn more about how we can help you save.

*While it is possible to handle the appeal independently, seeking assistance from a property tax professional may improve your chances of a successful reduction.

Sincerely, The Team at Freedom Capital Management Helping You Navigate Property Taxes with Confidence