The Grapevine-Colleyville ISD board of trustees approved a lower tax rate for fiscal year 2020-21 when compared with last year’s rate.

The rate of $1.3031 per $100 valuation comes in at $0.0236 less than the FY2019-20 rate. This lower rate shaves $90 off the annual property tax bill for the average homeowner within the district.

The annual tax bill for the average GCISD homeowner comes in at $4,985 with the new rate, according to the district. That bill represents $1,289 allocated for voter-approved bond projects; $1,217 sent back to the state in the form of recapture or “Robin Hood” payments; and $2,479 used for the district’s daily operating procedures, such as salaries, security and transportation, according to the district.

Editor's note: This story was corrected to reflect that trustees approved the tax rate at the Aug. 24 meeting.