The council voted to approve the publication of a tax rate of $0.282601 per $100 valuation at an Aug. 18 meeting. But this is just a preliminary step ahead of the final adoption, Grapevine Chief Financial Officer Greg Jordan said.
"This evening's vote will be published in the notification of the tax rate adoption, which will happen prior to the final rate adoption that's scheduled for Sept. 15,” Jordan said at the meeting.
The city's current property tax rate is $0.284271 per $100 valuation. For a city of Grapevine’s size, its tax rate is among the lowest in the state, Jordan said.
“Grapevine is the second lowest property tax in Texas for full-service cities with populations over 50,000,” he said.
Despite the proposed rate being lower than the current rate, the city stands to bring in about 3.5% more revenue in the upcoming fiscal year, Jordan said.
Council is scheduled to vote on the FY2020-21 budget at a Sept. 1 meeting and will vote on the tax rate at a Sept. 15 meeting.