The Grapevine-Colleyville ISD Board of Trustees voted Monday, September 16, 2019, to set a total property-tax rate of $1.3267 per $100 valuation for the 2019-2020 school year. The newly approved rate is seven cents lower than last year’s rate.
The Board approved a tax rate for Maintenance and Operations (M&O) of $0.97 as a result of House Bill 3, the school finance overhaul approved by the Texas Legislature earlier this year. House Bill 3 required school districts to compress M&O tax rates, with state funding replacing those local resources. The district’s M&O tax rate was $1.04 in previous years.
The Board set a tax rate for Interest and Sinking (I&S) of $0.3567, which is the same as 2018’s rate. Trustees also approved a resolution to prepay $13.6 million of Series 2011 bonds prior to maturity in February 2020, which is projected to save district taxpayers $9.8 million in future interest costs.
The I&S rate is used to fund the $248.975 million bond program that GCISD voters approved in 2016. The board’s stewardship of that bond package has allowed the District to keep the I&S rate lower than what was projected at the time of the 2016 vote; for example, the I&S rate approved Monday is 5.15 cents less than what was projected then.
Under the total tax rate approved Monday, the annual property tax bill on an average-value home of $375,663 will be $4,983.92, or $262.97 less than the tax bill that would have been on that home without the rate compression called for in House Bill 3.
The Robin Hood school finance system requires GCISD to send some of its local property-tax revenue to the state. All of those dollars come from M&O taxes as Robin Hood does not apply to I&S tax payments.
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