Preliminary appraisal notices show increasing taxable home values for Grapevine-Colleyville ISD residents, which may reduce the expected tax rate increase in the district’s May 7 bond election.

Initially, the district estimated the maximum tax rate increase to be 12.81 cents per $100 of valuation. Based on preliminary appraisals from the Tarrant Appraisal District, taxable home values appear to be significantly higher than projected.

Combined with the potential ability to sell bonds at a lower interest rate, district officials said the tax rate increase could be less than 12.81 cents. Final certified values from TAD are expected back in July.