08/18/2024 | Press release | Distributed by Public on 08/18/2024 10:28
Published on August 18, 2024
With the Fort Worth City Council's goal to keep property tax rates low and maintaining City services as in past years, the property tax rate recommendation is 67.73 cents per $100 assessed valuation. This recommendation was presented to members of City Council on Tuesday, Aug. 13.
Why it matters: There is only one No New Revenue (NNR) rate each year and it is established once the certified values are received and all Truth in Taxation calculations are completed. If the City doesn't adopt the NNR or below, then the City has the authority to adopt a higher rate called the Voter-Approval Tax Rate as long as the relevant requirements in terms of public engagement are satisfied.
The recommended tax rate is lower than the NNR rate under required state calculations established through truth-in-taxation laws. This notice provides information about two tax rates used in adopting the current year's tax rate. The no-new-revenue tax rate would produce the same amount of tax revenue if applied to the same properties that are taxed in both years.
In most cases, the voter-approval tax rate is the highest rate a taxing entity can adopt without holding an election. In each case, these rates are calculated by dividing the total amount of taxes by the current taxable value with adjustments as required by state law. The rates are given per $100 of property value.
Go deeper: The NNR is set at a level that the City or any other taxing entity would raise the same amount of revenue on properties which were on the tax roll from the previous year. The NNR rate is independent of any budgetary requirements. It only considers the tax levied in the previous year, adjustments to that levy, and current-year appraised values.
What's next: The City Council will review the budget during budget workshops leading up to the final vote on a final budget and tax rate on Tuesday, Sept. 17, which also includes a public hearing on the tax rate. The new fiscal year starts Oct. 1.
The recommended operating budget is $2.79 billion, which focuses on quality of life for residents of Fort Worth, emphasizing economic development, community investment, community safety, infrastructure and responsible growth, all while maintaining current service levels across the City.
Community open houses are being held in each council district starting Aug. 21. View a full list of open houses and locations.
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