Tarrant County OKs property tax reduction for homeowners. Here’s how much you’ll save
Next year’s 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.
