Mayor Mattie Parker | City of Fort Worth website
Mayor Mattie Parker | City of Fort Worth website
In the face of increasing property values and to further alleviate property tax burdens, the Fort Worth City Council voted unanimously Tuesday to increase the Over 65 and Disability exemptions.
This approval allows an exemption increase from $40,000 to $60,000 for 65 and over or disabled persons. The last time the Fort Worth City Council increased the exemption was in 1981, when it increased from $20,000 to $40,000.
Mayor Mattie Parker and the City Council released an official statement regarding the unanimous decision from Tuesday’s meeting:
“Today, we were proud to vote unanimously to approve a $20,000 increase in the Over 65 and Disability residential homestead exemptions. Property tax relief is an issue that is top of mind in every household in our city, and this step will be incredibly meaningful to our many neighbors in vulnerable circumstances where every cent counts.
“This also builds upon the City’s existing overall Homestead Exemption, which was already maxed out at 20%, and Tarrant County’s newly adopted 10% exemption.
“We look forward to continuing this effort to further reduce the property tax burden for all residents by working together along with City staff to pursue a tax rate reduction when we adopt the City’s annual budget in the fall.”
This exemption will go into effect in the next fiscal year; however, the exemption must be filed with the county.
The Over 65 or Disabled benefit voted on Tuesday by the City Council would work in addition to the City’s 20% Homestead Exemption. However, the Over 65 or Disabled portion of the exemption could only be used once. For example, eligible persons can only use their age or their disability.
If you are already registered for the Over 65 or Disabled exemption, the new exempt rate will automatically be applied. We recommend having Tarrant Appraisal District confirm your registered exemptions:
Original source can be found here.
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