Residents of Grapevine-Colleyville ISD will pay rate to the district that is almost $0.15 cents lower the existing rate.

At the Sept. 25 meeting, the board of trustees unanimously approved a tax rate of $1.1308 per $100 valuation for fiscal year 2022-23. The FY 2021-22 tax rate is 1.2751 per $100 valuation.

The tax rate is broken into two buckets, GCISD Chief Financial Officer DaiAnn Mooney said in the meeting. The first bucket, the maintenance and operations, or M&O, tax rate covers payroll, utilities, the district’s recapture payment and other daily operating costs. The M&O rate is $0.9091 per $100 valuation for FY 2022-23.

The second bucket is the debt service tax rate that pays for voter-approved bonds and is $0.2217 per $100 valuation. The debt service rate shows a $0.10 reduction from the FY 2021-22 rate.

The district received its certified property tax values on July 25 from the Tarrant Appraisal District.

“Last year, we saw a decrease in commercial [property values] due to the pandemic, but now that is inching back up,” Mooney said in the meeting.

In her presentation, she said the residential property values increased 8.93% to $9.764 billion from $8.963 billion. For commercial properties, values increased 6.45% from $8.619 billion to $9.175 billion, according to the presentation.

The M&O tax rate is further split between two tiers, one of which is controlled by the Texas Education Agency and the not the district, Mooney said. Based on an increase in the July certified property values, she said the M&O tax rate was compressed from $0.9134 to $0.8691 per $100 valuation.

The average taxable home value in GCISD has increased from $283,753 in FY 2015-16 to $433,505 in FY 2022-23, according to the presentation. Mooney said the total taxes to be paid from the 2022 average home value is $4,902.