New exemption gives Fort Worth homeowners a small break in property taxes
Homeowners in Tarrant County will pay slightly less in property taxes, following two new homestead exemptions approved by the Tarrant County Commissioners Court on June 6.
Homestead exemptions subtract part of the value of your home, which results in a decrease in your taxes. Home values in Texas have increased by nearly 40 percent in recent years; Texas has the sixth-highest property taxes in the U.S.
The first was a 10 percent exemption on the county tax rate. A home appraised at $300,000 would will see a decrease of approximately $67 in taxes they owe to the county.
The commissioners court initially discussed a 5 percent exemption but raised it to 10 percent.
The second exemption was a 10 percent exemption for the Tarrant County Hospital District tax. The Tarrant County Hospital District, AKA the JPS Health Network, provides funding for the city-county hospital. The network receives about 40 percent of its funding from Tarrant County taxpayers.
According to KERA, JPS Health Network brings in more revenue than it is spending. However, two commissioners who voted against the exemption noted that taking revenue away from JPS Health Network now could endanger the progress of an expansion in the works.
County administrator G.K. Maenius, who is retiring in September after 35 years, said that the exemption will cost the county between $28 and $30 million in revenue; the commissioners do not know how they'll replace the shortfall or which departments will face a budget cut.
Tarrant County Appraisal District has a form that can be filled out online.