El Paso County commissioners voted Monday on a plan that would lower the current tax rate.
The plan would shift funding for about $20 million in capital projects to a lower interest rate, allowing the Commissioner’s Court to cut the current tax rate by 2 cents.
The financial instrument, known as a tax anticipation note, allows a local government to borrow money at a lower than normal rate by shortening the term of the loan, according to a county news release.
“By doing this, coupled with the two cents we lowered on the tax rate last year, we will have effectively erased all of the tax increases that have been made over the last eight years,” he said Monday. El Paso County Commissioner David Stout in a news release. .
The county tax rate for 2022 has increased from $0.488997 to $0.470181 per $100 of property assessment.
The average home value in 2022 in El Paso County is $168,186. After the $5,000 homestead exemption, the homeowner would be taxed $790.77 at the current tax rate.
“Last year saw record value increases, and we responded by lowering the tax rate. Earlier this year, we asked staff to prepare budget plans that allow us to do the same for the budget next year, which is in the works,” Stout said.
The final consideration for approval of the issuance of the tax note would take place on July 11.
El Paso County Commissioners Approve Women’s Commission and Funding for Memorial Signs
El Paso County commissioners approved the concept of an El Paso County Women’s Commission. Officials asked staff to provide information regarding structure, staffing and budget, among other options, for the court to consider further.
The work proposed by the commission includes the formulation of recommendations and the implementation of legislative initiatives, policies, program studies and projects aimed at eliminating the obstacles faced by women in the social, health, educational , economical and professional.
“The commission’s goal is to advance and empower women and girls in order to unleash extraordinary economic, academic, political, social, gender and equity growth in El Paso,” a statement said. county press.
County officials also approved $6,000 in funding for the road sign project for the naming of the Korean War Veterans Memorial Highway.