EL PASO, Texas — El Paso homeowners can expect to see the value of their home increase this year once again thanks to the volatile real estate market impacting the entire country.
Dinah L. Kilgore, chief appraiser of the El Paso Central Appraisal District, says home values increased between 15 and 22 percent in El Paso county this year.
Kilgore says the mixture of high demand for homes and a low supply of new homes, El Paso currently only has a one-month supply of new homes, has created higher prices on the average price of a home in the county. Kilgore says the Central Appraisal District has to reappraise homes to make sure they are within five percent of the market value, according to the state tax code.
"We've already had some folks that said, ‘Wait a minute you reappraised my home last year and it went up, why is going up again this year?’ Because the market. We have to follow the market in the state of Texas,” Kilgore explained.