Rental rates drop

Our local economy is showing more signs of distress.  This article in 247wallst.com shows us one area where we are suffering:

rentdrop

Lower rental rates will lead to lower property values.  The owners will see to it that their appraised values are lowered and the result will be lower property tax revenue to the city, county, hospital district, community college, and the school districts unless they raise their rates.

A drop of 7.1% in a single year is huge.

We don’t believe that “It’s all good”.

We deserve better

Brutus

10 Responses to Rental rates drop

  1. Haiduc says:

    We all live in EL PASO TAXES !

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  2. Tickedofftaxpayer says:

    Another thing to check is your square footage. Our house has large great room with a two-storey ceiling. CAD calculated square footage based on the exterior dimensions of the house and was using a number 900 sf larger than our actual square footage. We appealed this and got it corrected. Then about three years later our value spiked again. We spent money on a appraisal and went back in to fight it only to find that the reason for the spike was that CAD switched computer systems and loaded old data into the system. Basically any errors you previously corrected through appeal were overwritten by the old data dump. Just one more way they cheat the taxpayers of El Paso.

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  3. Charles R. Dickerson says:

    Hi, I try to comment on  one of these posts.  I keep getting an error  that my  “Facebook  login has expired”.  I am logged in on my FB page, so not sure why  the “elpasospeaks”  page is a problem.  Any ideas, advise?  Thanks

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  4. anonymous says:

    Apartment developers and REIT’s have the money to fight their appraisals and will get adjustments. Same with large commercial property owners. Everyone else is screwed.

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  5. We have long known that local appraisals are totally out of whack, and that real prices have little to do with what is on the books. I think, as Brutus tells us, that what is significant here is that this is simply further proof of the dishonesty of our elected representatives, and their insane pursuit of growth at any cost, with no regard for our real world. This situation calls for a serious look at projects and plans and income vs. outgo, but we all know that will still not get done, don’t we?

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  6. The Oracle says:

    There is a BIG Disincentive to fixing up your property because you’ll get appraised higher and have to pay more property taxes.
    However, once you have your property taxes lowered by complaining (which usually works. . . .) your property taxes will remain lower than your neighbors forever. FOREVER.
    (Sort of)
    Once you get a reduction of your appraised value, that will mostly stay lower than your neighbors with the same house, same size and floor plan.
    Unless you are trying to SELL your property, there is no reason to have or boast about your property going UP in value/ or appraised value.
    If you are selling property, you can LIST IT . . . for whatever price you want and has nothing to do with the appraised value at the city-county.
    Rental values follow selling prices, sooner or later.
    An Appraisal is. . . a magical number (grabbed out of the air) that someone with LOTS of cash on hand, would pay for your property, if the economy is stable.
    if there is financing involved, that effects value, usually higher.
    With COMPLETELY no qualifying financing. . . the value would be much greater, than if the buyer had to put up lots of down payment and really strict lending procedures.
    Lower interest rates also effect property value.
    The higher the interest rate of current loans, the lower the property value.
    Very very low interest rates create HIGHER property values, or the ability to sell those properties.
    (Same thing.)
    (Silly and simplistic example) I could sell my house right today for $10 dollars down and $10 dollars a month, for $1 million dollars.
    Obviously, no one would ever actually pay off a property like that.
    But, who would care really for $10 dollars a month.

    Financing effects property value, or the ability to sell it.
    (Same thing.)

    So whatever “Appraisal” the city-county has. . . is wrong.

    Too many other factors that effect pricing.
    Notorious houses, houses that have been graffitied over and over, property below river/ flood level, neighborhood, gangs, violence in the area, dangerous road, (traffic too fast), etc.

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    • ManintheMoon says:

      The Oracle
      Had a friend in the city of El Paso put a new roof on his house because his roof had gone bad and paint the out side of his house and they raised his taxes claiming it was an improvement. So now with these idiot just general maintenance is seen as improving the property so where is the incentive to keep your property’s general maintenance up if you are going to be tax for doing so? This is non-sense lunatic fringe going on in El Paso.
      Also help a person last year who’s taxes went up, the EPCAD were using a new home to set the appraisal value of his home which their home was built in the late 1950’s. Yep told them to make the EPCAD prove their values were correct and they got their taxes dropped by almost 40%.
      The EPCAD is just terrible and down right near criminal in their crappy appraisals of properties in El Paso and the County and they do not reflect the true values in El Paso.

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  7. ManintheMoon says:

    Brutus
    What a lot of people in El Paso do not know is the big jump in property tax in 2016 was not all cause all by the bonds passed by different taxes entities or their tax increases . What is being hidden from the tax payers of El Paso was the EL Paso Central Appraisal District failed to for more than 11 years to appropriately appraise land values across the county. EPCAD appraised the structures on properties but not the land it’s self. This went on for at least 11 years but from our research it could easily have gone back as much as fifteen years. When discovered by the EPCAD and Kilgore the head of EPCAD they covered it up or at least tried to do so. Oh many of your officials at least became aware of what happened in November and December of last year and did nothing to stop it or hold Kilgore and her minions accountable at the EPCAD.
    The so called defenders of the poor down trodden peoples Vince Perez, Judge Escobar and Mary Gongazles were directly made aware of what had happened and did nothing.Same in the ELPaso media were also told.
    KIlgore did a slight of hand by showing appraisals had been done but if closely look at were on the structures on the land not on the land it’s self.
    Also the full board of the EPCAD are now aware of what happened and they are covering for Kigore too. Oh the reason why this is being covered up and Kigore not being held accountable it put a truck load of extra tax dollars in to coffers across El Paso which otherwise they would not have gotten. Yes it borders on criminal and by any measure ethically wrong and morally reprehensible but your elected offices could give a rat’s ass if they are screwing the tax payers of El Paso one more time.
    There is not much that can really been done for the EPCAD failing to do their job under the tax code of the state of Texas.
    You can file a complaint with the Comptroller’s office of the State of Texas but at most the EPCAD will get is told not to do that. Then there is the nuclear opinions to go after KIlgore’s appraiser licenses by filing a complaint with the Texas Department of Regulation and Licensing. Or bring a class action law suit against the EPCAD and all taxing entities in El Paso and the County.
    We did file this compliant but since we will no longer have a vested interest in El Paso county in about two weeks we will not press the issue but you guys should. The form is not hard to fill out. Oh you guys need to hold your elected officials and Kilgore accountable for not telling he people and stopping this non-sense. On the little property we owned we saw a jump in Taxes on the land go up 231.00 dollars but we know of others who’s land taxes went up couple of thousand dollars.
    Then again if no one stands up and speaks out and fight this non-sense then you get what you deserve in the Progressive paradise of El Paso and and El Paso County.
    One last thing is there is a growing exodus out of El Paso and the County, our house hold being one of them and those lift behind the amount of taxation will only grow as you are left holding the bag for the level of stupid that has taken place by your local elected officials.

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