Property values are set by the Tarrant Appraisal District (TAD) and may decrease, increase or remain the same from year to year. Property values are based on a number of factors including current housing market conditions. In recent years, population growth in North Texas has been driving up home prices. It is important to note that your home's taxable value has not increased as much as the market value due to state mandated limitations on value increases for residential homesteads and exemptions offered by the city.
In 2022, the City Council increased the homestead exemption to 20%. This means your property taxes to the city are based upon only 80% of your home's value. The City Council has also lowered the property tax rate to offset rising property values.
While senior and disabled residents may see their property values increase, their tax bill will not increase above the amount they paid in the year that they qualified for the tax ceiling, unless they buy a new home or add to on to their home.