Election results from Tarrant County continue to show favor for ratifying Grapevine-Colleyville ISD's fiscal year 2024-25 tax rate.
So far, the voter-approval tax rate election proposition has received 22,622 votes in favor, about 58.1% of the vote, and 16,314 votes against, about 41.9% of the vote, according to election results from the county. Tarrant County reports that 225 out of 350 precincts are reporting across the county.
All results are unofficial until canvassed. Visit communityimpact.com/voter-guide/election-results to see results from all local elections in your community.
Updated 10:03 p.m. Nov. 5
Election results from Tarrant County continue to show favor for ratifying Grapevine-Colleyville ISD's fiscal year 2024-25 tax rate.
So far, the voter-approval tax rate election proposition has received 21,452 votes in favor, about 58.29% of the vote, and 15,348 votes against, about 41.71% of the vote, according to election results from the county. This story will be updated as results from the November 2024 general election are released.
All results are unofficial until canvassed. Visit communityimpact.com/voter-guide/election-results to see results from all local elections in your community.
Posted 7:13 p.m. Nov. 5
Tarrant County’s early voting results show an early lead in favor of ratifying Grapevine-Colleyville ISD’s fiscal year 2024-25 tax rate.
What you need to know
So far, the voter-approval tax rate election proposition has received 21,138 votes in favor, about 58.31% of the vote, and 15,113 votes against, about 41.69% of the vote, according to early voting results from the county. This story will be updated as results from the November 2024 general election are released.
All results are unofficial until canvassed. Visit communityimpact.com/voter-guide/election-results to see results from all local elections in your community.
On the ballot
If approved by voters, the proposition would ratify a 3-cent increase to the district’s maintenance and operations tax rate in the form of “golden pennies.” The new tax rate would generate nearly $6 million for the district and balance its fiscal year 2024-25 budget.
If the proposition is denied by voters, the district would face a $5.3 million shortfall.
Despite the property tax rate being lower overall compared to last year, the district is seeking approval of three golden pennies that are not subject to recapture by the state. Those pennies are available for the district to levy but it has to be approved by voters.
The district board called the election in August after approving the FY 2024-25 property tax rate. The FY 2024-25 tax rate was approved at $0.9233 per $100 valuation, which is about 0.15% lower than the FY 2023-24.
Breaking down the tax rate
The property tax rate is made up of two rates:
- Interest and sinking
- Generates revenue for the district’s debt service fund to pay off principal interest on bonds
- Maintenance and operations
- Generates revenue for the district’s daily operations such as teacher salaries and instructional costs
Going forward
The average taxable value of a residential home in GCISD was $485,971 in 2024, according to the Tarrant Appraisal District. If the tax rate is approved by voters, property owners would save nearly $6.80 on taxes owed to the district compared to FY 2023-24.
If the proposition fails, the maintenance and operations would default to a lower rate by 3 cents and property owners would pay even less.
