Page 221 - Bedford-FY25-26 Budget

Property Taxes Summary

B $1,577,536
(5.25% vs. prior year)

Property Taxes Proposed and Historical Budget vs. Actual

$40M

$30M

$20M

$10M

$0
FY2023 FY2024 FY2025 FY2026
Actual Budgeted

Property taxes make up the largest single revenue source for General Fund operations. The property tax rate
is made up of two segments. The rst is the Maintenance and Operation (M&O) rate. This amount is
dedicated to the daily operations of the City that fall within the General Fund. Services such as Police, Fire,
Parks and Recreation, Library, Senior Center, Neighborhood Services, Finance, and General Governmental
functions are included in the General Fund. The second segment of the tax rate is the Debt Service rate. This
is the tax rate that is pledged to repay the long-term debt obligations of the City.

Property taxes are assessed on real and personal property based on the value of the property on January 1 of
each year. Property tax revenues have varied somewhat over the last several scal years. The proposed tax
rate for 2025-2026 for the City of Bedford is $0.526212 per $100 valuation. This rate is composed of a debt rate
of $0.145266 and a maintenance and operations rate of $0.380946. The 2024-2025 tax rate was $0.495726 per
$100 valuation and was composed of a debt rate of $0.137867 and a maintenance and operations rate of
$0.357859.

The appraisal of property within the City is the responsibility of the Tarrant Appraisal District. Excluding
agricultural and open-space land, which may be taxed on the basis of productive capacity, the Appraisal
District is required under the Property Tax Code to appraise all property within the District on the basis of
100% of its market value. Taxes become due October 1 of the appraisal year and become delinquent on
February 1 of the following year.

Beginning in FY 22-23, the properties included in the Tax Increment Re nancing Zone (TIRZ) included value
increases above the base year. The property tax revenue for the additional value in those accounts is
accounted for in the TIRZ Fund.

City of Bedford, TX | Proposed Budget FY 2025-2026 Page 221