Colleyville City Council approved the adoption of a no-new-revenue tax rate of $0.291778 per $100 of assessed value for fiscal year 2021-22, officially lowering its tax rate from FY 2020-21.
In adopting this tax rate at its Sept. 21 meeting, the city hit its fourth consecutive year of adopting the no-new-revenue tax rate. The fiscal year 2021-22 tax rate is $0.012587 lower than last year’s rate of $0.304365.
The total tax rate consists of a maintenance and operations rate, or M&O, of $0.280687, and an interest and sinking rate, or I&S, of $0.011091.
The average Colleyville resident who owns a home valued at $300,000 can expect to pay about $37.76 less per year in taxes to the city in fiscal year 2021-22.
Colleyville Mayor Richard Newton stressed the difficulty of adopting a no-new-revenue tax rate and said there are not many cities that do it.
“This is a big deal to us, and, I think, to everybody in this city,” Newton said. “We’re gonna celebrate a little bit after this vote.”
After the tax rate passed unanimously, the council and mayor all stood up and released confetti shooters in celebration of adopting the no-new-revenue tax rate and held up matching T-shirts that said, “Colleyville no-new property tax team.”
In addition to approving this fiscal year’s tax rate, the council also officially adopted its proposed 2021-22 budget. The budget will raise $160,000 more in general operating revenue from property taxes than last year, according to city documents. However, the extra revenue for this year will come from new property added to the appraisal roll.
“Our budget is balanced,” Colleyville Finance Director Kyle Lester said. “We will continue to run the city responsibly and demonstrate responsible fiscal management.”