El Paso approves lowering city’s tax rate by 4.49 cents

EL PASO, Texas -- El Paso City Council approved what it's calling the first step to lower the city's tax rate by 4.49 cents - a drop it says is the largest tax rate reduction in more than 35 years.

In July, the council directed the city manager to reduce the proposed property tax rate to help the community cope with rising grocery and fuel prices.

If approved, the lower tax rate will help offset the city portion of homeowners' tax bill following an increase in property values.

The city says the lower tax rate of 86.24 cents per $100 property valuation will lead to a savings of $19.3 million for City taxpayers.

A public hearing for the FY 2023 budget will be held on August 16. The Budget and proposed tax rate are set to be adopted on August 23.