Texas has no income tax but property taxes are usually a complaint from homeowners. This year, Dallas City Council wants to give homeowners a break.
A Dallas homeowner with a $410,000 single-family home would have a property tax bill of $2,123 under the new proposal - this is a saving of $79. This 2.75% decrease is the largest decrease in 37 years.
Last year, the average single-family home was $335,000. This year, home values have increased by about $75,000 higher.
This year homeowners would pay $230 more per year since homes have increased under the old tax rate.
So Dallas City Council worked to help locals especially since inflation is around 9% compared to last year.
Then home appraisals are not always accurate, so you should appeal what Dallas CAD provides you.
"I would encourage everyone to challenge your tax bill because on a consistent basis they are going way higher than they should.”
Not everything is good news, though.
The budget does call for some increases in fees including sanitation, storm drainage, and water utility services.
Dallas City Council priorities
According to ABC 8, Dallas wants to focus on these five areas with the 2023 budget:
1. Reduce property taxes 2 and 3.4 cents per $100 (a person owning a $300,000 home under their homestead exemption would save about $100 per year)
2. Focus on public safety
3. Spend $157 million on infrastructure
4. Reform the building permit process (more planning and zoning staff, customer service, and a team to focus on affordable housing)
5. Resources for the homeless population
On Tuesday, Dallas City Council received its first public briefing on the budget from City Manager C.T. Broadnax. And, this month they plan to hold budget town hall meetings.
Broadnax is recommending a $4.51 million budget which is a $160 million increase from last year, and $500 million more than the 2020 budget.
"I have been unequivocal that the top two priorities for this year’s budget should be public safety and tax relief for our city’s homeowners, renters, and businesses. I am pleased that the Dallas City Council will now have the opportunity to demonstrate their commitment to these same priorities by investing in making our neighborhoods safer while also delivering the largest single-year tax-rate reduction in modern Dallas history."
Lower taxes are also a focus of Beto O'Rourke's campaign for Texas governor which you can read here.
Do you like the lower tax rate and proposed budget?