We pulled this graphic from the El Paso County Web Site (here). The entire document was created to talk about the 2015 property tax rate. We pulled out the debt portion that talks about the bonds that are currently being paid by UMC. Interesting to note, bonds paid by the Hospital District are NOT paid by the Tax Assessor’s office. Instead, your property taxes are given directly to UMC who then decides how to allocate the money based off of the budget that was approved by the County Commissioners Court.
2008A General Obligation Bonds is the $120 million for the El Paso Children’s Hospital. If you look closely, you’ll notice that only 27% of total that they are paying on that bond goes toward actually paying it down, 73% of the money goes toward paying interest. We know that the rent from the El Paso Children’s Hospital goes into UMC’s general fund. If even a portion of that $6 million were used to pay down the bond, think how much faster YOUR property taxes could go down.