The City’s current property tax rate of $0.6480 per $100 of taxable assessed valuation is composed of a debt service tax rate of $0.2601 and a maintenance and operations rate of $0.3879. The Mayor and City Council adopt the total tax rate annually.

The City’s 2004 debt service tax rate is projected to remain stable at $0.2601 or decline slightly over the next five years if the proposed bond election package is approved. The assumptions for this projection are annual debt sales of approximately $27 million per year as outlined in the City’s current capital budget and annual growth in assessed property valuation of two to four percent.

The 2004 debt service portion of the total tax rate represents 40.1 percent of the total property tax levy. This compares to a high of 60.7 percent in 1995. Since 1995, the debt service portion of the tax rate has declined at an average annual rate of 2.1 percent.

Finally, the specific property tax payment for City taxes will depend on the total tax rate adopted by the Mayor and City Council and any change in the Tarrant Appraisal District’s appraised taxable value of your property.