Tarrant County residents receive property tax relief as new tax rates for 2024 remain below the “No-New-Revenue Tax Rate.”
Embracing Tax Relief through No-New-Revenue Tax Rate
Culture Map Fort Worth — In a move to ease the burden on taxpayers, the Tarrant County Commissioners Court has introduced new property tax rates for 2024 that fall below the no-new-revenue tax rate. This decision translates to a commitment to avoid increasing taxes for residents.
What is the No-New-Revenue Tax Rate?
The No-New-Revenue Tax Rate signifies a tax rate that doesn’t generate additional revenue for the county. This complex concept aims to ensure that local government revenues remain neutral, even with appraisal growth.
The county-wide tax rate on all property has been significantly reduced by 13.17 percent to 19.45 cents per $100 valuation. Additionally, the court has implemented local homestead exemptions of 10 percent. Both actions are anticipated to collectively provide property tax relief to the residents.
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No-new-revenue tax rate tends to become a growing strategy
Cities in the northeast of Tarrant County, including Keller, Colleyville, and Southlake, have also embraced the no-new-revenue tax rate strategy. This approach has gained traction as a means of addressing property tax concerns — CBS News.
The Tarrant County Commissioners Court has not only prioritized no-new-revenue tax rate strategy but also approved a $896.6 million budget for the County, demonstrating fiscal responsibility.
Despite the budget decrease of $8.1 million from the previous year, it notably allocates resources for law enforcement, featuring pay increases for patrol officers, investigators, and detention officers.
Tarrant County’s commitment to the “No-New-Revenue Tax Rate” reflects a concerted effort to provide much-needed property tax relief and align with a trend seen across various cities in the region.