After years of increasing property tax values, some relief is on the way for North Texas
NORTH TEXAS (CBSNewsTexas.com) — After seeing property tax values go up significantly the past several years, some relief is finally on the way.
Not only did the state legislature pass a multi-billion-dollar package of property tax cuts, North Texas cities and counties have approved their own exemptions as well.
"Any time a local entity or the legislature is doing something to improve the exemptions, we stand to gain personally, so I celebrate it," said Fort Worth realtor Chandler Crouch, who has become a property tax expert. "It's a good thing, and I'm really glad they're stepping up to the plate."
If voters approve the state deal this November, it will reduce the school property tax rate for all homeowners and business properties. It will also raise the homestead exemption to $100,000 for most homeowners.
"On the average home, you will see about a $1,500 savings per year," Crouch said.
This summer, local leaders across North Texas also approved tax breaks for homeowners—some for the first time ever.
Tarrant County and cities like Frisco, Allen, Anna, Prosper, Flower Mound, Double Oak and The Colony will be either implementing new homestead exemptions or increasing the existing ones.
"We understand that many people are struggling with those property tax bills," said The Colony Mayor Richard Boyer. "So what we wanted to do was try to address that in a different way, do something the city's never done before, and so we did a small homestead exemption."
Boyer knows it won't solve everyone's tax problems but says it's a start.
"It's in addition to what we'll do next month with lowering our tax rate for the 20th straight year," he said.
That's the second part of the equation: the tax rate school districts, cities and counties set based on the revenue they need to generate.
"Right now, the best thing you can do is pay attention to the local taxing entities as they go to vote on the new budgets," Crouch said.
Then, North Texans will be able to get the full picture of what their tax bills will look like.