The City of Fort Worth is facing a massive budget shortfall; a proposed plan unveiled Tuesday aims to fill that gap with a property tax hike. The recommended Fiscal Year 2027 budget offers a detailed look at how city leaders plan to address a significant budget shortfall while maintaining services for the city’s more than 1 million residents.
City leaders say outdated property appraisals and a surge in tax protests contributed to the shortfall. According to city budget information, the deficit increased from an estimated $49 million in June to roughly $77 million following updated tax valuation data from area appraisal districts. Property taxes account for a significant portion of the city’s general fund revenue, making slower-than-expected growth particularly impactful on budget planning.
“Even though we’ve had a big influx of new development and new values of over $2 billion, our residential existing property values have actually been going the other way,” said Jay Chapa, Fort Worth City Manager…