Tax & Accounting News
Texas City Council Member Fights Back Against Property Tax Increases
A Fort Worth, Texas city council member is fighting back against property tax increases that will impact residents of the metropolitan area.
Council member Alan Blaylock is pushing for a "no-new-revenue tax rate" that would, according to the Fort Worth Star-Telegram, "which would generate the same revenue in 2023 from properties that were on the tax rolls in 2022."
It is worth noting that the city would still add revenue from new property that was just added to the tax roll within the last 12 months. However, the new rate would level out the amount that existing property owners are taxed.
Per the Star-Telegram's report, the city's proposed tax rate is 71.25 cents per $100 of property value, while Blaylock's proposal tops out at 66.6876 cents per $100 of property value.
Although the city's proposed rate is actually a 2-cent cut from the 2022 rate, the vast majority of local homeowners would see their property bills increase due to higher property values.
Tarrant County -- where Fort Worth is located -- saw an average increase of 14.6% in property values this year.
The city's rate would net an estimated $664 million in property taxes in 2023, while Blaylock's rate would bring in approximately $569 million in revenue, per an official tax calculation worksheet.
Blaylock won a special election for his city council seat in May 2022. Per his official webpage his office can be reached at 817-392-8804 if any local residents have questions or comments regarding the property tax vote coming later this month.
What do you think about Fort Worth's property tax situation?
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