Arlington Texas Reduces Property Tax Rate
This is the eighth consecutive property tax rate reduction for the city of Arlington.
For the eighth consecutive year, the city of Arlington has approved a property tax rate decrease. Combined with recent state property tax legislation updates, residents should see a marginally smaller property tax bill at the end of this year.
As part of the $672.6 million Fiscal Year 2024 operating budget, the city council agreed to reduce the city portion of property taxes from $0.5998 per $100 of assessed value to $0.5898 per $100 of assessed value. In addition, per the City of Arlington's website, "The Arlington City Council also reauthorized a variety of residential property tax exemptions, including the largest homestead exemption by state law of 20% of the property value. The City also offers a senior tax freeze as well as $60,000 exemptions for those who are over 65, disabled veterans and disabled persons. Exemptions are also available to surviving spouses of U.S. Armed Forces members and first responders who are killed in action. Seniors over the age of 65 in Arlington may also be eligible to defer payments."
To be sure, this will not result in a significant reduction for most homeowners. For a home valued at $300,000, the city portion of the property tax bill would have been $1439.52 under the old rate. With the new rate, the city portion will be $1437.36. Still any relief is appreciated, and when this is combined with the new school tax reduction, homeowners should have a slightly better tax bill this year.