Council moved forward with a $0.2718 tax rate per $100 valuation, the second-lowest tax rate in the state for cities with a population over 50,000, according to city staff. The new tax rate will raise more revenue from property taxes than in last year’s budget, according to budget documents.
The fiscal year 2021-22 budget is expected to raise $459,569 more than last year and the estimated property tax revenue raised from newly added property to the tax roll is $447,447. Budget documents show most revenue funds are seeing an increase in expenditures due to an increase in revenue compared to the past two years.
Grapevine Chief Financial Officer Greg Jordan told council this rate allows the city to “overall remain extremely competitive.”