On Tuesday night, the Fort Worth City Council approved a $1.7 billion budget and adopted a tax rate of 80.5 cents per $100 of assessed value.
So what does the rate mean for Fort Worth residents? Property tax on a $200,000 house will increase by about $20 per year for the city’s portion of the bill. While some council members wanted to move the rate a little higher, the 80.5 cents represented a compromise.
The budget does include an increase for city services, and approximately $2.7 million will go toward Fort Worth’s Transportation Authority. While some were disappointed there wasn’t more of a commitment to increasing public transportation, Mayor Betsy Price has asked the city manager to look for savings in the budget that can be funneled toward transit.
The new tax rate will be in effect for the 2018 budget year which begins October 1st.