Aug 9, 2023 - News

Fort Worth proposes $1B general fund budget and property tax cut

Illustration: Annelise Capossela/Axios

Fort Worth's proposed budget for the next fiscal year includes its largest property tax rate reduction in decades.

  • The suggested new rate is 67.2 cents per $100 valuation, a 4 cent cut.

State of play: Like Dallas, other cities are collecting more revenue due to increased property values, making it possible for property tax cuts.

  • Yes, but: Some homeowners have larger tax bills than in previous years as home values climb. Plus, cities are increasing fees for basic services such as trash and water.

The intrigue: In this year's proposed budget, Fort Worth's general fund is more than $1 billion for the first time.

Details: The Fort Worth City Council will host its first budget work session Thursday.

  • The city reported a 15.6% increase in taxable property values. Even with a 4 cent property tax rate cut, the city expects a $71.5 million increase in property taxes, or about 11% more than last year.
  • The budget proposes a $35 million increase in police funding, which includes 106 new jobs.

Zoom out: Arlington is proposing a property tax cut from 59.9 cents to 58.9 cents per $100 valuation. That's 5 cents less than the rate in 2018, though the average Arlington homeowner will spend about $510 more a year due to increases in property values.

Meanwhile: Denton's proposed budget maintains the property tax rate of 56 cents per $100 valuation.


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