Fort Worth increases property tax breaks for seniors and people with disabilities
The Fort Worth City Council voted unanimously Tuesday to increase a property tax exemption for seniors and people with disabilities.
Residents who qualify for those tax exemptions will now be able to take $80,000 off the appraised value of their homes for tax purposes. Previously they were only able to deduct $60,000.
This is the second year in a row the city has increased this exemption. It will cost the city $940,609.
This change could knock as much as $134.50 off a homeowner’s city property tax bill, although the majority will get less than that or no relief at all due to the city’s property tax cap for senior residents.
Fort Worth caps homeowners’ property tax bills at the amount they paid the year they qualified for the over 65 or disabled persons exemption.
For example, if a home owner paid $1,000 in city property taxes the year they turned 65, they would never pay more than that for the rest of their lives.
Most won’t see a tax bill lower than their capped amount. due to rising home values.
Roughly 25% of property owners with an over 65 or disabled persons exemption will get a lower tax bill from the increased exemption, according to city data.
The biggest beneficiaries will go to homeowners who qualified for the over 65 exemption this year. The extra $20,000 will lower their city tax bill and lock that lower number in place.
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