The Grapevine-Colleyville ISD Board of Trustees voted Monday, August 24, 2020, to approve a total tax rate that is 2.36 cents less than the total 2019 tax rate. The 2020 total tax rate will be $1.3031 per $100 valuation for the 2020-2021 school year.
The total tax rate consists of two separate tax rates: Maintenance and Operations (M&O) and Interest and Sinking (I&S). To learn more about the two tax rates, and what each can be used for, watch A Tale of Two Buckets.
The approved 2020 M&O tax rate is $0.9664, which consists of two tiers. As a result of House Bill 3, the school finance law, passed during the 86th legislative session, the Tier 1 tax rate is set by the State and is based on July certified property values. The 2020 Tier 1 tax rate was reduced from $0.93 to $0.9164.
The Tier 2 tax rate consists of what are referred to as Golden Pennies that may not be recaptured by the State through Robin Hood, which is part of the school finance system that requires GCISD to send a portion of its local property-tax revenue to the state. In the 2020-2021 budget year, GCISD will send an estimated $50.9 million to the State general budget. The State has set a maximum Tier 2 tax rate of 5 cents. Trustees voted to increase the Tier 2 M&O tax rate by one cent, from $.04 to $.05, which will keep the additional tax revenue in GCISD.
Trustees also approved an I&S tax rate of $0.3367, which is two cents less than the 2019 rate of $0.3567. Trustees were able to make this reduction based on strong financial management by the District, which includes prepayment and refinancing of bonds.
To read more about the lowered tax rate for 2019, click here. For more information regarding school finance and GCISD, visit www.gcisd.net/finance.
GCISD Trustees Approve Tax Rate
June 28, 2023