Grapevine-Colleyville ISD board members unanimously adopted the fiscal year 2023-24 tax rate at their Sept. 25 meeting. The reduced tax rate translates to an 18% property tax rate decrease for homeowners, according to district documents.
The backstory
The Texas Property Tax Code Section 26.05(a)(b) requires the board of trustees to adopt a tax rate by resolution in a public meeting before the later of Sept. 30 or the 60th day after the date the certified roll is received by the taxing unit, according to district documents.
The details
District documents stated the FY 2023-24 tax rate of $0.9247 is $0.2061 less than the adopted FY 2022-23 tax rate of $1.1308. Tax rates are based on each $100 of assessed valuation on all property, real and personal, in GCISD.
School costs typically fall into two categories: maintenance and operations, and debt service—also called interest and sinking. Maintenance and operations includes teacher salaries, school resource officers, and grounds and maintenance costs. Debt service is used to pay for voter-approved bonds.
Below is the comparison of those rates for each fiscal year:
- FY 2022-23
- Maintenance and operations: $0.9091
- Debt service: $0.2217
- Total: $1.1308
- FY 2023-24
- Maintenance and operations: $0.729
- Debt service: $0.1957
- Total: $0.9247
According to district documents, the average home value in GCISD is $444,520. Based on that valuation, the tax savings on that average home at the FY 2023-24 tax rate would be $917.
