Tarrant County has taken another step towards giving more money back to taxpayers by increasing the homestead exemption to the maximum allowed by state law. Following the implementation of a 10% homestead exemption last year, the Tarrant County Commissioners Court has voted to raise the exemption to 20% for both the County and the Tarrant County Hospital District.
This decision will help lower homeowners’ property taxes in the short term. The new exemptions will be reflected in next year’s property tax bill. With tax rates for both the Hospital District and the County set at $.194500 per $100 of valuation, a $350,000 home will see its taxable value reduced by $70,000 to $280,000, lowering the tax bill by roughly $272.30.
Approximately 404,000 homes in Tarrant County qualify for this increased homestead exemption, providing significant relief to a large number of homeowners.
County Judge Tim O’Hare has supported these efforts, ensuring that Tarrant County residents benefit from the maximum exemptions allowed by law. He is also encouraging other taxing entities in the county to consider lowering property taxes in their jurisdictions to further amplify the impact of these relief measures.
While increases in appraisal exemptions such as this can provide some real relief for property owners, it is important to remember that the ultimate problem comes down to government spending.
The more the government wishes to spend, the more they have to tax. Taxpayers must remain vigilant to ensure that government at every level is held accountable for every dollar spent and taken from the people.
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