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As part of the annual city budget process, the City Council sets the property tax rate each year following required public notices and public hearings.
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Property taxes, along with other funding sources, fund your city services including police, fire, streets, drainage and traffic control, animal services, code compliance, building and health inspections, parks and recreation, and library services.
The following chart shows the change in the city’s property tax rate since 2010.
The city’s tax rate for Fiscal Year 2022-23 is $0.508042 per $100 property valuation. This rate is effective October 1, 2022.
Property values are set by the Tarrant Appraisal District (TAD) and may decrease, increase or remain the same from year to year. Property values are based on a number of factors including current housing market conditions. Overall, existing property values decreased from 2009 to 2011 and it was not until 2014 that they returned to pre-recession levels. There was essentially no increase in existing home values in 2015. While property values have increased since 2016, it is important to note that the taxable value has not increased as much as the market value due to state mandated limitations on value increases for residential homesteads and exemptions offered by the city. While senior and disabled residents may see their property values increase, their tax bill will not increase above the amount they paid in the year that they qualified for the tax ceiling, unless they buy a new home or add to on to their home.
The tax you pay to the city equals around 20% of your overall property tax bill. Over half of your property taxes, almost 58%, goes to the school district, with the rest going to county agencies.
Property tax rates vary by city, as do property values. Some cities may have a lower tax rate, but a significantly higher average home value. Also, they may offer no homestead exemption or a lower homestead exemption. Some cities have much higher sales tax and hotel/motel tax revenue that help fund city services, enabling the city to maintain a lower property tax rate. (Please note, this reflects city taxes only and does not include property taxes levied by school districts or county entities.)
Fiscal Year 2022/23 Tax Rates of Neighboring Communities
Yes! To protest a property tax appraisal, you must file a notice of protest with the TARRANT APPRAISAL REVIEW BOARD. As a general rule, the deadline for filing is MAY 15, or the deadline printed on the Property Value Notice from the Tarrant Appraisal District, whichever is later. Review this document for additional information: https://www.tad.org/wp-contentpdf/templates/2021WebsiteNoticeOfProtest.pdf