The City of Bedford's current General Fund budget as amended is $48,515,763. The proposed budget as presented to the City Council is $42,620,270 for FY 2022-2023
Define Adopted Tax Rate
It is the property tax rate approved by the governing body to fund operations for the upcoming year. The 2021-2022 Adopted Tax Rate is $0.552000 per $100 of assessed valuation.
Define No-New-Revenue Rate
It is the tax rate that would generate the same amount of property tax revenue as in the previous year with the same properties listed on both tax rolls. A standard rule of thumb suggests an inverse relationship between effective rate and taxable value. For example, if the taxable value INCREASES, the effective rate goes down (and vice versa). The no-new-revenue rate for 2021-2022 is $0.549319.
Define Voter-Approval Rate
The voter-approval rate is the highest tax rate that the City may adopt without holding an election to seek voter approval of the rate. The voter-approval rate for FY21-22 is $0.552691.
How will this budget impact my taxes?
To look at your specific tax impact, visit www.tarranttaxinfo.com to search for your property. Information on all taxing entities will be provided.
If I am over 65, how does this impact my taxes?
There is no impact, your taxes will remain the same.