Tarrant County plans to lower its tax rate after an increase in property appraisals sent revenue soaring this year.
The proposed Tarrant County budget would cut the tax rate by a penny from 26.4 cents per $100 valuation to 25.4 cents.
But because the average taxable value of a single home in Tarrant County increased 11.6 percent, from $150,871 to $168,394, more revenue is coming. So even though the tax rate is lower, the average single-family residence would see its Tarrant County tax bill climb from $398.30 to $427.72, an increase of $29.42.
Countywide, tax revenue is increasing by $19,370,476, up 5.3 percent from last year.
We feel we can deliver a budget that will satisfy the county’s needs and still provide tax relief to the citizens.
Tarrant County administrator G.K. Maenius
“We’re still budgeting pretty tight,” said Tarrant County Administrator G.K. Maeinus. “We feel we can deliver a budget that will satisfy the county’s needs and still provide tax relief to the citizens.”
Tarrant County commissioners will have a work session at 9 a.m. Monday to discuss the budget. Public hearings on the tax rate will be held Aug. 23 and Sept. 6. The budget is expected to be approved at the Sept. 13 Commissioners Court meeting.
If Tarrant County didn’t reduce the tax rate, the county would see a revenue increase of about $34 million from last year, said Tarrant County Judge Glen Whitley.
“We’re going to give almost 50 percent of the increase in revenue back to the taxpayers,” Whitley said. “The decrease in our revenue is going to eat up about $15 million. Every year, we try very hard not to go out and add a bunch of staff when we have an increase, and that’s the same case this year.”