EL PASO, Texas (KTSM) — El Paso property owners may have noticed a steep jump in their property’s appraisal value this year. Officials say El Paso County’s healthy market is to blame.
“If the area is showing an increase in the market, we have those sales and we’ve done that research and then we have to, by law, increase those. A lot of people say, ‘Well, I haven’t done anything to it.’ I understand that, but it’s the market. The homes are selling and we have to look at that,” said Dinah Kilgore, chief appraiser for El Paso Central Appraisal District.
Despite the hot market, homeowners argue the recent increase in property value is too high.
“It’s ludicrous. Yes, market values fluctuate but this is way out of hand,” said Tom Dawson.
He said: “It’s a backhanded way to get to the maximum 10% total valuation increase that they’re allowed by law.”
Dawson said the value of his lot doubled, making no sense considering the area had not been touched.
“There’s been no oil or gold discovered on this land and there’s been no improvement on it. What makes the value jump 50% in one year,” Dawson said.
Kilgore said since Jan. 1, the Appraisal District gathers data by conducting audits and running statistics on properties before setting values. Those notices then go out to property owners who have until May 15 or 30 days from receiving notice to protest the appraisal value.
Property owners can file their protests either in person or online. Kilgore says they should provide documentation with evidence showing why they believe their property was over-appraised and recommended looking at other nearby properties for reference.
“I tell people, look, talk to Realtors. Talk to people that just moved in. You know, walk around the neighborhood and pull listings and see what homes are selling for in your area,” Kilgore said.
Dawson echoes this recommendation and said: “It’s time-consuming. It’s not fun, but it’s absolutely necessary. If you want to lower that value, your only defense is to protest.”
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