The Grapevine-Colleyville ISD Board of Trustees voted Monday, September 27, 2021, to reduce the tax rate for the second consecutive year. The 2021 total tax rate will be $1.2751 per $100 valuation for the 2021-2022 school year, which is 2.8 cents less than the total 2020 tax rate. To read more about the lowered tax rate for 2020, click here.
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 2021 M&O tax rate is $0.9534, 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 2021 Tier 1 tax rate was reduced from $0.9164 to $0.9134.
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 2021-2022 budget year, GCISD will send an estimated $51.1 million to the State general budget. The State has set a maximum Tier 2 tax rate of five cents. Trustees voted to reduce the Tier 2 M&O tax rate to four cents.
Trustees also approved an I&S tax rate of $0.3217, which is less than the 2020 rate of $0.3367. Trustees were able to make this reduction based on strong financial management by the District, which includes prepayment and refinancing of bonds.
GCISD Lowers 2021 Tax Rate
June 28, 2023