The big question now is, are Texans likely to experience a higher property tax rate in 2023 or is going to remain the same? This question is bombarding many Texans’ minds. However, in a press release on the 30th of August, Senator Bettencourt said Texans will see a reduction of at least 6.6 pennies on the school district tax rate in 2022. This is considered to be a big win for the Texans in terms of property tax relief. With that being said, take a look at the property tax rates in three major places: the City of Bastrop, Fort Worth, and Tarrant County.
City of Bastrop to keep the property tax rate the same
The city of Bastrop is likely to keep its property tax rate the same. Home valuations have increased by 6.88% on average in 2021 and so have the property taxes. The city is considering keeping the tax rate the same in the next fiscal year. However, this would increase the property tax rate for homeowners on an average of $83. The home valuations in 2021 have increased on an average by 6.88% in the city. If the city is likely to keep the same property tax rate then the property tax bill of an average homeowner will increase by 6.88%. The city of Bastrop is working on lowering its operation and maintenance portion of the tax rate but is likely to increase its debt service portion.
Will Fort Worth reduce its property taxes in 2023?
The tax rate in the city has been slowly coming down since 2016. However, David Cooke, who is the city manager, has recommended reducing the property tax rate in Fort Worth by 1.5 cents. He said this would allow more investments on infrastructure and maintenance and create more cash revenue for infrastructure maintenance.
Tarrant county homeowners likely to see a higher tax bill
The commissioners in Tarrant county have already begun to discuss the 2022 tax budget. This includes a reduction in the tax rate but the homeowners are likely to see an increase as a result of the spiking property taxes. The county has proposed a rate of 22.9 cents for a 100$ valuation. This is considered a fall of 2.1% when compared to last year. However, the median price of a house is up by 21.6% during the same time. Say, the taxes on a home is $596.70 in 2021 whose median value is $255,000. As the increase in the appraised values is limited to ten percent a year the owner of the house will not pay more than $642.35 in 2022.