There will be a $20,000 increase in the homestead exemption in Fort Worth, allowing greater property tax relief to those above 65 and those with disabilities.
The Fort Worth City Council voted unanimously to approve the increase to the exemption on Tuesday.
The exemption was last raised in 1984 to $40,000 for the elderly. It was raised to $40,000 for people with disabilities in 1991. With the new increase, the exemption is now raised to $60,000 for both groups of people.
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"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," Fort Worth Mayor Mattie Parker said in a tweet.
The Texas House and Senate, meanwhile, continue to work on legislation to lower the school district's M&O tax statewide. The House is pushing a plan that uses compression while the Senate wants to use compression paired with a $100,000 homestead exemption to further reduce the burden on residential property owners.
