Property Tax News

Tarrant County court adopts trendy new property tax scheme to lower taxes

Tarrant County residents get a break.

Photo by Kostiantyn Li on Unsplash

Tarrant County residents got cut a break: The Tarrant County Commissioners Court adopted new tax rates for 2024 that fall "Below No-New-Revenue Rate" — a jargon-y way of saying there won't be an increase in taxes.

The No New Revenue Tax Rate is a tax rate that generates no additional revenue for the county.

The county tax rate on all property was lowered by 13.17 percent to 19.45 cents per $100 valuation.

The court has also instituted local homestead exemptions of 10 percent.

The two actions combined are predicted to provide property tax relief.

No new revenue rate
Adopting property tax rates at or below the no-new-revenue rate ultimately results in lower property tax bills.

The no-new-revenue tax rate is a sufficiently complicated concept that there are multiple websites that try to offer an explainer. Good luck with that.

The release from Tarrant County says that the new rate is below the “No-New-Revenue” Rate — the rate where local government revenues would remain neutral year-over-year after factoring in appraisal growth.

This explanation is better: It's "a calculated rate that would provide the taxing unit with about the same amount of revenue it received in the year before."

Cities in northeast Tarrant County such as Keller, Colleyville, and Southlake have subscribed to the no-new-revenue rate. It's a hot trend.

The Tarrant County Commissioners Court also recently approved an $896.6 million budget for the County, which is $8.1 million less than the previous budget.

Despite the decrease, the 2024 budget goes large on law enforcement, including a pay increase for patrol officers and investigators, as well as a pay increase and retention pay for detention officers.

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population explosion

7 Fort Worth neighbors saw biggest population booms in U.S. for 2023

City of Denton, TX - City Hall/Facebook

Denton had the biggest population growth rate in Dallas-Fort Worth from 2022 to 2023.

Several Dallas-Fort Worth suburbs are among the fastest-growing cities in the nation, according to a new population growth study by SmartAsset.

The report, "These Cities Saw the Largest Growth in Population – 2024 Study," examined U.S. Census population estimates for 2023, 2022, and 2018 to determine one-year and five-year population changes for 610 U.S. cities with populations of at least 65,000 residents in 2023 (where the most recent data was available).

Denton took the lead over all other Dallas-Fort Worth cities with the 16th-largest one-year population growth rate in the U.S., at 5.32 percent. Denton gained over 8,000 residents from 2022 to 2023, bringing the city's total population to 158,361 in 2023.

This should come as no surprise to those who already live in Denton, who may know their hometown was ranked one of the safest suburbs in America.

Mansfield trailed close behind with a 4.16 percent increase in population during that same period, which landed it the No. 26 spot in the one-year population change analysis. The city gained 3,189 new residents in that time, adding up to a total population of 79,775 residents in 2023.

McKinney appeared farther down the list as No. 49 with just a 2.89 percent one-year growth rate from 2022 to 2023, and a total population of 213,504 residents.

Only four other Dallas-Fort Worth cities appeared in the top 100 fastest growing cities in the U.S. from 2022 to 2023:

No. 61 – Frisco (2.48 percent increase)
No. 72 – Rowlett (2.48 percent)
No. 73 – Lewisville (2.17 percent)
No. 99 – Flower Mound (1.73 percent)

The report suggested major population shifts in communities like Denton or Mansfield can result in "a variety of interwoven economic and social impacts."

"The magnitude of the population change can affect demand for businesses and services, which in turn may impact costs – or even the availability of such amenities," the report's author wrote. "Similarly, the relative age of the population can determine the strength or weakness of the local job market, as well as have an impact on local culture, economic trajectory, tax base and more."

Silver Spring, Maryland had the No. 1 biggest population boom nationwide from 2022 to 2023, SmartAsset found. The Washington, D.C. suburb grew 12.86 percent year-over-year, bringing the city's total population from 75,313 to 84,996 residents in 2023.

Fast-growing cities elsewhere in Texas
Texas cities dominated the top 10 list of cities where population grew the most from 2022 to 2023.

New Braunfels, a San Antonio suburb, ranked No. 2 nationally with an 12.49 percent one-year population boom, and a 29.68 percent growth rate from 2018 to 2023. The city gained 12,318 new residents in that time, adding up to a total population of 110,961 residents in 2023.

Just two spots behind New Braunfels is the North Austin suburb of Georgetown (No. 4), which grew 11.34 percent to 96,317 residents in 2023. According to the report's five-year population change analysis, Georgetown ranked seventh with a 29.85 percent growth rate.

The Houston suburbs of Atascocita and Conroe ranked No. 5 and No. 9, respectively. Atascocita's total population grew to 119,502 residents in 2023, which represented a 11.03 percent growth rate from 2022, and a whopping 38.56 percent population increase since 2018. Conroe's 6.73 percent one-year population increase paled in comparison, but the city grew 23.49 percent during the five-year period from 2018 to 2023.

The top 10 U.S. cities where population grew the most from 2022 to 2023 are:

No. 1 – Silver Spring, Maryland
No. 2 – New Braunfels, Texas
No. 3 – Glen Burnie, Maryland
No. 4 – Georgetown, Texas
No. 5 – Atascocita, Texas
No. 6 – Pine Hills, Florida
No. 7 – Elgin, Illinois
No. 8 – Lehi, Utah
No. 9 – Conroe, Texas
No. 10 – Dale City, Virginia

population growth reports smartasset dallas fort worth denton suburbs mansfield