Exploring last resort options: Assistance with property taxes for El Paso residents

EL PASO, Texas (KVIA) -- Residents often face challenges when it comes to managing property taxes, according to discussions with experts in the field.

According to Dinah Kilgore, Executive Director of EPCAD, one of the initial steps residents can take is ensuring they have a homestead exemption.

This exemption, according to Kilgore, can significantly reduce property taxes by excluding a portion of the property's value from taxation.

Kilgore outlines criteria for various exemptions, such as the General Homestead Exemption, which typically requires homeownership, a Texas driver's license, and more.

If approved, this exemption could deduct $100,000 from the property value for school district taxes.

Additionally, individuals aged 65 and older may qualify for an additional exemption.

According to Kilgore, a last-resort option for seniors facing financial difficulties is tax deferral.

This option allows individuals to delay paying property taxes, but it comes with the requirement that the estate must repay all taxes with interest within a short timeframe upon the passing of the property owner.

You can find more information about exemptions here, by calling 915-780-2000, or by visiting the El Paso Central Appraisal District in person at 5801 Trowbridge Dr, El Paso, TX 79925.

According to Manny Ortega, a Mortgage Loan Officer, it's essential to exercise caution regarding property tax calculations, especially for new builds at closing.

Ortega points out that many borrowers experience issues due to significant increases in property taxes, often stemming from incorrect initial assessments.

Ortega explains that lenders frequently base tax estimates on unimproved land values, which can result in unexpected tax hikes once the county reassesses the property's value.

According to Ortega, another last-resort option for those in dire financial situations is a reverse mortgage.

This financial arrangement allows individuals aged 62 and older to borrow against their home's equity, with repayment typically due upon selling the home or passing away.

However, Ortega emphasizes the associated risks, particularly regarding inheritance, as heirs may face challenges in paying off the reverse mortgage, potentially leading to the loss of the property.

Remember, it's essential to seek professional advice before making any decisions regarding property taxes or financial arrangements.

For more information regarding mortgage loans, you can contact Manny Ortega, Loan Officer, at 915-329-1316 or Manny.Ortega@APMortgage.com.