EL PASO, Texas (KVIA) – The City of El Paso has announced the adoption of its fiscal year 2025 budget and the approval of a tax rate with no new revenue.
According to officials, the city has implemented a no-new revenue tax rate of 0.761405, which is 5.7 cents lower than last year’s rate.
The city had previously said the tax rate was designed to keep the city’s property tax revenue at the same level as last year despite rising property values. This means that while many homeowners’ assessed value has increased, the proposed lower tax rate is designed to prevent a significant increase in the city’s share of their tax bills.
KEY INVESTMENTS
- A $14.8 million public safety injection to ensure police and fire departments are well equipped to serve the public.
- A $2.3 million increase for animal welfare to support additional staff and the opening of the new west side facility.
- A $1.1 million increase in IT contracts, keeping El Paso at the forefront of digital innovation.
- Continued investment of $10 million in road resurfacing projects and $29.1 million in pay-go financing for capital replacement and facility renovations.
- Operating funds for new cultural and recreational facilities, including the La Nube Children’s Museum and the Mexican American Cultural Center.
Officials also said the budget also includes a $1 per hour increase in the minimum wage, bringing it to $14.11 by March 2025. That’s a 36% increase since May 2022.
More information on the City of El Paso’s fiscal year 2025 budget and tax rate can be found on the city’s Office of Management and Budget website, according to officials.
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