For the third consecutive year, Fort Worth homeowners could see a decrease in the City’s property tax rate – the largest reduction in at least 30 years.
City Manager David Cooke has recommended the City Council lower the tax rate 4 cents, to 67.25 cents per $100 assessed valuation. Even with the rate decrease, the City is considering adding 106 positions in the Police Department and 76 positions in the Fire Department as part of an ongoing commitment to maintaining high levels of public safety.
The theme of the fiscal year 2024 budget is So Safe. So Clean. So Green.
Although the property tax rate would go down, a property tax bill could increase depending on the property appraisal. Earlier this summer, the City adopted an increased homestead exemption for residents who are disabled or age 65 or older that will assist those eligible taxpayers in reducing their tax burden.
The City Council has lowered the tax rate six times in the past seven years, totaling 16.25 cents. The rate has decreased from 85.50 cents per $100 assessed valuation in fiscal 2016.
The Tarrant County Appraisal District placed the total appraised value of homes and commercial properties at $115.7 billion, up 15.6% from the previous year.
Total property tax revenue is estimated to be $735 million, up $71.5 million from the previous year, or 10.8%.
The council is scheduled to approve the tax rate Tuesday, Sept. 19. The City’s new fiscal year begins Oct. 1.
Learn more about the City of Fort Worth budget and opportunities for engagement.