City Of Fort Worth: 2022 Proposed Budget Includes 1.5-Cent Reduction In Tax Rate

Press release from City of Fort Worth:

August 06, 2021

City Manager David Cooke recommended reducing Fort Worth’s property tax rate by 1.5 cents, from 74.75 cents per $100 valuation to 73.25 cents. The city’s property tax rate has steadily declined since 2016.

The recommended tax rate would allow increased investment for infrastructure and maintenance, achieve 2018 Bond Program goals, create increased cash revenues for infrastructure maintenance, continue improvements to neighborhoods through the Neighborhood Improvement Program, place an equity focus on infrastructure maintenance and begin to establish an annual allocation for economic development incentives laid out in the Economic Development Strategic Plan.

Total net taxable values used to determine revenues for fiscal year 2022 have increased to $87.3 billion, which includes a 5.3%. increase in taxable value and a 4.1% increase in new construction value.

Cooke also presented an outline for a five-year capital planning process aimed at replacing and improving aging infrastructure for one of the fastest-growing large cities in the nation. Fort Worth adds as many as 20,000 new residents each year, and is now ranked No. 12 in population among U.S. cities.

Cooke sketched out a five-year plan that would add $1.96 billion in capital improvements through fiscal year 2026.

Over the last few years, emphasis has been placed on budgeting cash for recurring capital infrastructure improvements. Pay-as-you-go (PayGo) financing — paying for projects with cash instead of relying on credit — has proven to be an effective tool to maintain, improve and reinvest in the city’s infrastructure.

Cooke proposed a $4.4 million increase in PayGo funding for the coming fiscal year. Among the projects slated for PayGo funding are street maintenance, sidewalks, street lighting in majority-minority areas, transit initiatives and the Neighborhood Improvement Strategy.

Cooke is scheduled to present his proposed operating budget at 3 p.m. Aug. 10.

Residents will have several opportunities to review the proposed city budget for fiscal year 2022 and to provide feedback in the coming weeks:

Aug. 24, 7 p.m., City Hall, Council Chamber. First public hearing on the city budget, to be held during the regularly scheduled City Council meeting.

Sept. 14, 7 p.m., City Hall, Council Chamber. Second public hearing on the city budget; public hearing on the tax rate; and approve proposed fee changes.

Sept. 21, 3 p.m., City Hall, Council Chamber. Recommended operating and capital budget adoption; recommended adoption of tax rate.

In addition to these opportunities, a series of summer open houses will provide information on the budget process and other topics:

Residents can also give their feedback online. 

This press release was produced by City of Fort Worth. The views expressed here are the author’s own.