City’s Proposed Budget Will Reduce Property Tax Rate – Welcome to the City of Fort Worth


Posted on August 10, 2022

What is envisaged? The Fort Worth City Council is considering reducing the property tax rate by 2 cents.

Why is the tax rate important? The tax rate is used to calculate property tax bills for all property owners. Property tax revenue goes into the general fund to pay for city services and operations, including police, fire, libraries, and parks.

What does this mean for taxpayers? The city council understands the potential tax burden on property owners and generally considers reducing the tax rate when property values ​​increase.

And after? Residents can discuss the proposed tax rate at upcoming budget commitment meetings. The council is expected to vote on the tax rate on Sept. 27.

For the second year in a row, Fort Worth homeowners were able to see a reduction in the City’s property tax rate.

City Manager David Cooke recommended the council lower the tax rate by 2 cents to 71.25 cents per $100 of property assessment. Although the tax rate decreases, a property tax bill could increase depending on the assessment of the property.

The city council has has lowered the tax rate five times in the past six years and totaling 12.25 cents, from 85.50 cents per $100 valuation in fiscal year 2016 to 73.25 cents per $100 valuation in fiscal year 2022.

The Tarrant County Assessment District added $12.5 billion in appraised value in 2022 to all real estate in Fort Worth, increase the market value of homes and commercial properties to $125.6 billion.

The public can comment on the proposed tax rate at the next public hearings on the fiscal year 2023 budget, beginning Tuesday, August 16. The council could approve the tax rate on Tuesday, September 27. Additionally, there will be a series of education and engagement opportunities, both in-person and online.

The City’s proposed tax rate of 71.25 cents per $100 of assessment is 1.25 cents higher than the no-new-income rate of 70 cents. If passed, the proposed tariff would generate $73 million in additional revenue.

Learn more about the City of Fort Worth budget.

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