EL PASO, TEXAS (KFOX14/CBS4) — El Paso Independent School District trustees unanimously adopted a new property tax rate on Tuesday that district officials say will raise the average homeowner’s school tax bill this year, while leaving thousands of homeowners owing nothing because of exemptions.

The El Paso ISD board voted 7-0 on Tuesday to adopt a tax rate of $1.0745 for every $100 of taxable property value.

The district estimates the owner of an average-value home will pay an additional $114 this year, bringing the annual average school tax bill to nearly $1,300.

EPISD also said more than 20,000 owner-occupied homes in the district are expected to owe no school property tax because their exemptions exceed their taxable value.

Under the exemptions, the first $140,000 of a qualifying home’s value is exempt from school taxes. Homeowners who are 65 or older, or who have disabilities, receive an additional $60,000 exemption. Veterans with a 100% disability rating are exempt from all property taxes.

Meanwhile, EPISD’s Board of Trustees is also moving forward with a financial recovery plan after an internal audit found financial discrepancies that led the district to declare a financial emergency earlier this year.

The district has reduced what had been a $42 million shortfall to a projected gap of $4.3 million after making major cuts.

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