Page 46 - City of Fort Worth Budget Book

Budget Highlights Revenue Highlights

The estimate of the FY2024 tax revenue is based on the certified data provided by the central appraisal districts of
Tarrant, Denton, Wise and Parker Counties in July 2023. The assumed collection rate is 98.50% for the purpose
of estimating revenue. Other factors affecting current property tax revenue are the exemptions to assessed
valuation authorized by the State and additional exemptions and freezes granted on a local option and approved
by City Council.

The most significant exemptions approved by the City Council are:
• The general homestead exemption of 20 percent available to all residential homestead properties,
• An increase from $40,000 to $60,000 in FY2024 provides additional homestead exemption granted to
citizens who are age 65 and older, and/or Disabled residence homestead owners; and
• The freeport exemption for commercial goods to be exported from the state.

The table on the next page indicates the loss of taxable value for various exemptions from the certified roll, as well
as calculations for budgeted revenue:

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