Fort Worth is in a pension crisis, which in turn has the city looking at raising property taxes significantly this year. The pension crisis is at the heart of the proposed increase in property taxes. It would be an increase of over 2.8% this year compared to the prior year. However if your property had an increase in appraisal you’d see a compounded increase of that amount plus the tax increase. For instance if your property appraised for 10% more this year, you’d have a net increase of 12.8% (appraisal plus tax increase).
In 2016, property values in Collin County increased by an average of 8.9%. No doubt, with the move of Toyota and other large companies to the County, it’s a great place to live in, and in great demand, which drives property values up. However, there is a downside to the increase in values: even while keeping similar tax rates, actual property taxes increased by almost 10%.
An increase in property values does not automatically translate into an increase in local expenditures. Read More
Last Friday, June 10th, Direct Action Texas, along with Empower Texans, sponsored their second Lean Local event at the Plano Marriott at Legacy. The attendees represented over 30 municipalities and 6 counties.
Carrollton’s Mayor Pro Tem Anthony Wilder kicked off the half day event with Budgeting Best Practices. Wilders background as an actuarial analyst brings particular insight into how to analyze and breakdown the real numbers, the liabilities to the city and think of alternative ways to approach some of them. Collin County Judge Keith Self described why and how the appraisal value is not to blame for your increased property taxes, rather the tax rates set by your local governments. The effective tax rate was a hot topic of the day. Here is a simple overview of the effective tax rate issue: