The county held its first budget meeting work session on August 8.
Because the county has seen an increase of 13.5 percent, or $61,757,973, in the tax values of property within the county, the no-new-revenue rate would be $0.209332.
The no-new-revenue rate, according to the Texas Comptroller’s Office, would produce the same amount of taxes if applied to the same properties taxed in both years.
Any rate above $0.232794 would trigger a voter approval election.
The average home value in Tarrant County increased by 12.2 percent, from $238,000 in 2021 to $267,000 in 2022.
That makes the annual tax bill at the proposed rate for an average homeowner $612.25, up from $545.73 last year.
According to County Administrator G.K. Maenius, Tarrant County’s property tax rate, when accounting for the hospital rate, is the lowest among the six most populous counties in the state.
Harris County, the most populous in the state, has a current rate of $0.37 per $100 valuation.
Maenius reminded the commissioners court that it had encouraged the staff to maintain the FY 2022 rate even though it issued $225 million in transportation bonds last year.
Accordingly, the maintenance and operations rate is decreasing slightly while the interest and sinking, or debt service, rate is increasing slightly, he explained.
Maenius said a large increase in county property values is attributable to the value of mineral leases, which increased from $563 million to $1.3 billion from 2021 to 2022.
Additionally, the county saw an 8.4 percent increase in new construction property values.
The county’s FY 2023 operating budget totals over $915 million. It includes 75 new county positions as well as merit and step pay increases for county employees, totaling over $31 million.
The county commissioners will hold the public hearing and official vote on the proposed tax rate, budget, and increased compensation for certain elected officials on September 13.
Disclosure: Unlike almost every other media outlet, The Texan is not beholden to any special interests, does not apply for any type of state or federal funding, and relies exclusively on its readers for financial support. If you’d like to become one of the people we’re financially accountable to, click here to subscribe.
Kim Roberts is a regional reporter for the Texan in the DFW metroplex area where she has lived for over twenty years. She has a Juris Doctor from Baylor University Law School and a Bachelor's in government from Angelo State University. In her free time, Kim home schools her daughter and coaches high school extemporaneous speaking and apologetics. She has been happily married to her husband for 23 years, has three wonderful children, and two dogs.