For the fourth consecutive year, the Colleyville City Council plans to adopt a no-new-revenue tax rate for fiscal year 2021-22, lowering the tax rate from last year by $0.012587.
The proposed tax rate is the same as the no-new-revenue tax rate at $0.291778 per $100 of assessed value, in comparison to FY 2020-21’s tax rate of $0.304365. The total tax rate consists of a maintenance and operations, or M&O, rate of $0.280687 and an interest and sinking, or I&S, rate of $0.011091, according to a Colleyville City Council Sept. 7 meeting document.
Colleyville Finance Director Kyle Lester said at the meeting that the city has decreased its tax rate by 18% since 2016 and presented a comparison of Colleyville’s tax rate to other surrounding cities, showing cities such as North Richland Hills, Hurst and Southlake all have higher tax rates than Colleyville.
“[The surrounding cities] can’t match us,” Colleyville Mayor Richard Newton said.
Lester pointed out Grapevine, which approved a $0.2718 tax rate per $100 valuation at its Sept. 7 meeting, still has a slightly lower tax rate than Colleyville, but the gap has begun to close over the years.
“So again, a tremendous accomplishment not done by accident,” Lester said. “I’m very proud to be able to present this.”
The Colleyville City Council plans to adopt the no-new-revenue tax rate at its next meeting Sept. 21. In doing so, the city will bring in the same property tax revenue for FY 2021-22 as FY 2020-21, excluding new growth. Once council votes to adopt the proposed tax rate, it will begin Oct. 1 and end Sept. 30, 2022.
Based on this proposed tax decrease, the owner of a house valued at $300,000 can expect to pay about $37.76 less per year in taxes to Colleyville.