One week after a budget presentation, city staff presented the proposed tax rate to the Grapevine City Council.

What you need to know

A resolution to adopt the proposed tax rate for the purposes of calculating property tax revenue in the 2023-24 fiscal year budget was approved by council during its Aug. 15 meeting. Acting Chief Financial Officer Jeff Strawn presented a proposed rate of $0.250560 per $100 valuation during the meeting.

The rate comes in slightly below the no-new-revenue rate for the city that is $0.250561 per $100 in value and also below the voter-approval rate of $0.265435 per $100 valuation, according to meeting documents.

Sorting out details

A public hearing for both the FY 2023-24 budget and the tax rate will be held during the Sept. 5 meeting. Strawn said adoption of both would take place during that meeting.