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Proposed Tarrant County budget would lower property tax rates, but bills still likely higher
Tarrant County Commissioners examined a proposed budget that would reduce property tax rates, even though most homeowners will likely still see a higher bill.
FORT WORTH, Texas - Tarrant County Commissioners examined a proposed budget that would reduce property tax rates, even though most homeowners will likely still see a higher bill.
The reason for a higher property tax bill is the value of homes and the cost to build them in Tarrant County continues to rise.
Last year the average home value in Tarrant County was on average $222,786. Halfway through 2021, it’s increased to $238,312
"The need for housing is one thing that has overcome the people that want to sell their homes and that is a supply and demand issue which causes home values to go up," said G. K. Maenius, Tarrant County administrator.
That will leave most homeowners with higher tax bills, but there is some relief built into the county’s latest proposed tax rate.
"This tax or this budget we’re going to be presenting to you today actually reflects an additional decrease in the property tax rate. Last year our tax rate was .234 per $100 valuation in the proposed budget and we have pushed that down about a half a percent, .229 which represents a 2.1% decrease in the tax rate," Maenius said.
Commercial property reflects some of the same aspects.
"We still have over $4 billion of new construction, new value added construction to our roles which is a very healthy growth. It tells us several things. It tells us that the commercial properties continue to grow in value," Maenius said.
The report to the commissioners was an update, along with the entire proposed budget that will ultimately be up for a vote in September.
Officials point out a property tax rate reduction has resulted in four of the last 10 years.
"When you compare us to the other big counties you’ll see that even before we move to a decreased tax rate, out of the six big counties in Texas, Tarrant County has the lowest tax rate of the big six. It’s a position we’ve held in the past and we hope to hold in the future," Maenius said.