July 22, 2024

The City Council on Tuesday approved a 7% homestead exemption as part of its ongoing commitment to provide property tax relief for residents. This exemption will reduce the appraised value of homestead properties by 7% for fiscal year 2025, beginning October 1. Property owners who already receive a homestead exemption from another taxing entity, such as a school district, do not need to reapply to receive the City’s exemption. The 7% exemption will be automatically applied through the Tarrant Appraisal District (TAD).

For those who need to apply for the homestead exemption for the first time, applications can be submitted via TAD at www.tad.org/forms/homestead-exemption.

Also on Tuesday at the Council’s work session, the City’s finance director presented the FY25 proposed budget. Under this budget, the City will require approximately 6% in additional property tax revenue to cover expenses such as a new fire truck, police body cameras and vehicles, and other contractual and inflationary costs. The homestead exemption will help offset the additional property tax revenue needed to fund these public safety purchases.

The City Council will continue budget discussions throughout the summer and into early fall, with budget adoption scheduled for September.