Tarrant County OKs property tax reduction for homeowners. Here’s how much you’ll save
Tarrant County tax bills just got lower for homeowners: commissioners voted unanimously Tuesday to increase the homestead exemption from 10% to a state-maximum 20%. The tax break also applies to the Hospital District.
Approximately 404,000 accounts qualify for the exemption, according to the county. The exemptions remove 20% of a home’s value from taxation. The owner of a home appraised at $350,000 will see a savings of $136, according to the county.
“Today’s action is a huge win for taxpayers in Tarrant County,” County Judge Tim O’Hare said in a statement released by his office. “By increasing the Homestead Exemptions to the maximum allowed by state law, we are ensuring that homeowners will keep more of their hard-earned money. Setting both Homestead Exemptions at 20% for the first time in Tarrant County is not only historic, but also responsible government.”
The decision to increase the exemption is a “direct response” to the outcry over rising property taxes, O’Hare’s statement said.
Home prices have increased 105.9% the past 10 years in Fort Worth and Arlington, according to the Texas A&M Real Estate Center. That increase has driven increases in property taxes.
O’Hare urged all other taxing entities to increase their exemptions to the maximum allowed by law.
This story was originally published June 18, 2024 at 3:48 PM.
