Tax breaks could be on the way for Tarrant homeowners. Here’s how much you might save

Tarrant County commissioners are considering giving homeowners a tax break on their bills for the county and hospital district.

They will consider adding a 10% homestead exemption at their meeting Tuesday. They also want to add an exemption for the hospital district of no more than 20%.

Under the same tax rate, a resident with a home appraised at $300,000 would save around $67 on their tax bill with a 10% exemption. They would save an additional $135 with a 20% exemption in the hospital district.

Commissioners have discussed the idea of adding an exemption since March, but have been waiting to see how it would affect other aspects of the county’s budget.

School districts have a state-mandated homestead exemption on $40,000 of a home’s value, the county has yet to institute an exemption. The maximum amount counties can exempt from taxes is 20%.

Gov. Greg Abbott called a special session for property tax relief.

But Abbott, Lt. Gov. Patrick and House Speaker Dade Phelan have had different ideas on the best way to deliver the tax breaks.

The House’s property tax plan passed Tuesday would reduce school property tax rates by an additional 16 cents, a savings of $485 for the owner of a $350,000 home in the Fort Worth school district. The measure is subject to voter approval as a constitutional amendment.

The Senate proposes a combination of lowering school property tax rates and increasing the state’s homestead exemption, which is $40,000. Those who are 65 or older or disabled can qualify for an additional $10,000.

Were the Senate’s bill made law, tax rates would be cut by 10 an additional cents and the homestead exemption raised to $100,000. That plan would save the owner of a $350,000 home in the Fort Worth school district $1,019. The plan must also be approved by voters as a constitutional amendment.