Grapevine City Council approved a property tax freeze for seniors as well as people with disabilities at its June 21 meeting.
According to Greg Jordan, the city’s chief financial officer, the freeze would be set based on property tax bills paid in January 2023. Property taxes owed to the city for those groups would not increase beyond that amount in future years regardless of the city’s tax rate or a home’s appraised value, according to Jordan.
“We see this tax freeze as a benefit to our fixed-income community with little to no impact on city finances,” Jordan told the council at its June meeting.
The tax freeze is in addition to the city’s homestead exemption of $75,000 for seniors and $10,000 for those with disabilities, city officials stated.
The city’s current property tax rate is $0.271811 per $100 valuation. Based on the average taxable value of $289,271 in Grapevine, a homeowner would owe $786.27 in city property taxes.
Grapevine officials said they are still working to determine how many people would benefit from the tax freeze.
