EL PASO, TEXAS (KFOX14\/CBS4) \u2014 El Paso Independent School District trustees unanimously adopted a new property tax rate on Tuesday that district officials say will raise the average homeowner\u2019s school tax bill this year, while leaving thousands of homeowners owing nothing because of exemptions. <\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
Under the exemptions, the first $140,000 of a qualifying home\u2019s 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. <\/p>\n
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.<\/p>\n
The district has reduced what had been a $42 million shortfall to a projected gap of $4.3 million after making major cuts.<\/p>\n
RECOMMENDED: <\/a>El Paso school district shares financial updates and concerns<\/a><\/p>\n