Colleyville City Council voted Aug. 4 to set a maximum tax rate of $0.310644 per $100 valuation and will vote to set the tax rate at a future meeting.

The $0.310644 per $100 valuation rate would be a no-new-revenue rate, which means it would it would raise the same amount of property tax revenue as fiscal year 2019-20. That does not mean property owners could not see marginally higher property taxes in fiscal year 2020-21, Colleyville Chief Finance Director Kyle Lester said.

"For instance, we have a large number of exemptions that are new to the tax roll, and therefore our tax base has shrunk a little bit, and therefore we may have some property owners that do have a slightly higher tax bill,” Lester said.

The Tarrant Appraisal District is also fielding a higher number of property appraisal protests from Colleyville homeowners than usual, Lester said.

“Once you take all those into consideration, our estimated net taxable value actually decreased by 0.8%, which results in a new revenue rate calculation that's a little bit higher than our current tax rate,” he said.

Council will officially adopt the FY 2020-21 tax rate at a Sept. 15 meeting. Council may vote to adopt a rate lower than $0.310644 per $100 valuation, but it may not go any higher, according to the resolution.

See historic Colleyville tax rates below: