Homeowners likely to see higher tax bills under Tarrant County’s proposed budget

Tarrant County commissioners have begun discussing the 2022 budget, which includes a reduction in the tax rate but a likely increase for homeowners because of rising property values.

The county announced Monday a proposed rate of 22.9 cents per $100 of valuation. The rate is a 2.1% drop from last year, but the median price of a home is up 21.6% during the same time, from $255,000 to $310,000, according to the Texas Real Estate Center at Texas A&M.

So the owner of a $310,000 home would be assessed $709.90 under the county’s proposal. Taxes on a home at the median value of $255,000 in 2021 were $596.70.

Increases in appraised value are limited to 10% per year, so the owner would pay no more than $642.35 for 2022.

State law restricts local governments from raising property tax revenue by more than 3.5% a year without holding an election.