TAD will consider ‘caps on certain property types.’ Does that mean your home?
Could Tarrant County homeowners see a reduction in the cap on annual increases to their home’s taxable value?
An agenda item for the Tarrant Appraisal District’s July 22 meeting suggests that might be coming. Board members are to discuss and possibly vote on “potential caps on certain property types.”
Three new board members, the first elected representatives after a new law created the positions, campaigned on lowering the Legislature’s 10% cap to 5%. The cap on homesteads is designed to protect homeowners from big tax increases at a time of soaring property values.
Texas Tax Code sets the cap at 10%. A proposed tax relief bill in 2023 included a 5% cap, but lawmakers ultimately decided to cut school taxes and increase the homestead exemption for school district taxes.
Chief Appraiser Joe Don Bobbitt did not immediately respond to a request for comment, but in May he told the Star-Telegram that state law prohibited the board from capping or limiting appraised values at 5%.
The newly elected board members, Callie Rigney, Eric Morris, and Matt Bryant, did not immediately respond to a request for comment. Bryant told the Star-Telegram in May that he believed there was no law that prohibited a 5% cap.
The agenda also includes “discussion on evidence used by TAD to increase residential values.”
Taxable property must be appraised at its market value (the price it would sell for in the open market) as of Jan. 1 each tax year. State law spells out how appraisal districts set the values.
The three members also promised to reappraise residences every three years instead of yearly. There is no mention of that proposal on the agenda.
The meeting at Arlington ISD administration building, 690 E. Lamar Blvd., will be the first for the new board members since they were sworn on July 1.
Chandler Crouch, a Fort Worth real estate agent, property tax consultant and vocal critic of TAD, said he would “love” to see Tarrant County influence state law and serve as a model for other counties.
“Considering the limits of the law and the steep learning curve, it will be fascinating to watch whether it’s possible to cap tax values and limit the frequency of appraisals as promised in their campaigns,” he said.
The appraisal district sets property appraisals and administers exemptions for tax purposes.
This story was originally published July 17, 2024 at 3:31 PM.
