Own property in the Fort Worth school district? It’s time to take out a calculator
The Fort Worth school tax rate will go down 7 cents thanks to House Bill 3, but whether it gives homeowners a big break in their wallets is unclear since property values have been on the rise.
School board members voted 6-0 in favor of adopting a total tax rate of $1.2820 per $100 valuation for 2019-2020. That overall tax rate is lower than last year’s tax rate of $1.352 per $100 valuation.
Under the new tax rate, a home valued at $200,000 that has a homestead exemption would result in school tax bill of $2,243.50.
How that tax bill compares to past years depends on how much a property went up in value.
“We are going down in our total tax rate,” said Elsie Schiro, chief financial officer. “However, when you look at your appraised value, it is likely that it has gone up.”
In the Fort Worth school district, the net taxable appraised value increased 11.61 percent from last year.
Earlier this year, the House and Senate unanimously approved HB 3, also referred to as the “Texas Plan,” calling it key legislation that includes $6.5 billion more for public education and $5.1 billion for tax cuts. The measure, which goes into effect Sept. 1, is was touted by lawmakers as tax relief for Texas property owners.
Under HB 3, about $2 billion over the next two years pays for raises for teachers, librarians, nurses and counselors. Earlier this month, the school board approved the salary increases required by HB 3.
To calculate your school tax bill, divide the total appraised value of your home by 100 and multiply by the school tax rate.
This report contains material from the Fort Worth Star-Telegram archives.
This story was originally published August 27, 2019 at 8:44 PM.
