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Tarrant County increases homestead exemption from 10% to 20% – NBC 5 Dallas-Fort Worth

Tarrant County increases homestead exemption from 10% to 20% – NBC 5 Dallas-Fort Worth

The Tarrant County Commissioners Court says they are increasing the property tax exemption approved last year for homeowners from 10% to 20%.

Last year, for the first time, the commissioner’s court approved a 10% homestead exemption for both Tarrant County and the Tarrant County Hospital District. This year they voted to increase the exemption to 20% for both.

County Judge Tim O’Hare said on X that the exemption, which will be reflected in next year’s property taxes, is the largest allowed by state law.

According to the most recent county tax rates and exemptions, the tax rates for both JPS and the county are $0.194500 per $100 of assessment. The owner of a $350,000 home with a 20% exemption would see his taxable value drop by $70,000 to $280,000. That would reduce their tax bill by $272.30, as each county and hospital bill fell $136.15 from $680.75 for a $350,000 home to $544.60 for a $280,000 home.

About 404,000 accounts in Tarrant County qualify for the homestead exemption, according to county commissioners.

The Tarrant County Commissioners Court also approved a property tax exemption for properties that house childcare facilities. The new exemption came after Texas voters approved Proposition 2 last November, creating a new property tax exemption.

O’Hare said last year he planned to contact all other taxing authorities in the province, there are about 80, to encourage them to reduce property taxes in their jurisdiction. Optional homestead exemptions must be approved by tax authorities by July 1 to apply for the tax year.

View a list of current tax rates and exemptions in Tarrant County here.