Fort Worth to consider increasing taxes on hotel stays to pay for convention center
Published: Sat, 01/06/24
Fort Worth to consider increasing taxes on hotel stays to pay for convention center
Construction is underway on the first phase of the convention center renovation, but the second phase may need a financial boost from the city hotel taxes.
AMANDA MCCOY [email protected]
Fort Worth Star-Telegram
BY HARRISON MANTAS
JANUARY 05, 2024 11:21 AM
It could get slightly more expensive to get a hotel room in Fort Worth.
The Fort Worth City Council will meet Tuesday to consider raising hotel taxes by 2%.
The increase is needed to support the $700 million renovation of the city’s convention center, according to the city.
People pay a 15% tax when they stay in a hotel or registered short-term rental like those listed on Airbnb.
Fort Worth took in roughly $34 million in revenue from hotel taxes in 2022, according to data from the state comptroller’s office.
Fort Worth expects the increase to generate $10 million in extra revenue. The city initially planned to spend $377 million on the renovation in 2019, but inflation has doubled the cost.
While the first phase began in August, the additional revenue from hotel taxes are expected to have the biggest impact on the next phase, when the flying saucer arena on the north end of the building is demolished to expand capacity.
Tuesday’s meeting is the first step in the process of getting the tax increase approved. If the council approves the resolution, it would go to the state comptroller’s office for approval.
Read more at: https://www.star-telegram.com/news/politics-government/article283870393.html#storylink=cpy