The board of the Hunt Memorial Hospital District voted Tuesday to set the district’s property tax rate at 20.8956 cents per $100 of taxable valuation.
“This reduces the 2022 tax rate by 11.4% over the 2021 tax rate of 0.235831” the district’s CEO, Lee Boles, said in a statement.
Although the rate dropped by more than 2 cents, the new rate still is considered a tax increase because of rising Hunt County property values. The district’s new tax rate is the highest possible rate that could be adopted without being subject to voter approval.
The district’s announcement indicated the 2022 tax rate is the lowest in 20 years. Based on the average household property values in Hunt County, the new tax rate will result in an increase of about $5.04 over the previous year’s taxes.
To cushion the increase for seniors, the board previously approved an increased homestead exemption for senior citizens and disabled individuals.
For those age 65 and over, or those who are disabled, the increased available tax exemption of $30,000 will off-set the growth in assessed value to those property owners.
The average homestead taxable value in the district rose from $167,446 in 2021 to $191,567 this year, an increase of $24,121 or 14.41%. The district anticipates receiving an increased tax levy from all properties of just over $2 million, or 10.36%.
Anyone 65 or older or disabled who already has the current exemption will automatically receive the higher exemption. Those who wish to apply for the exemption would need to speak with the Hunt County Tax Appraisal Office.
The Hunt Memorial Hospital District uses 100% of its tax revenues to pay bond indebtedness, subsidize the county-wide ambulance service, and assist with charity care provided by Hunt Regional Healthcare.