GCISD Lowers Tax Rate

The Grapevine-Colleyville ISD Board of Trustees voted Monday, September 26, 2022, to reduce the tax rate for the fourth consecutive year. The 2022 total tax rate will be $1.1308 per $100 valuation for the 2022-2023 school year, which is 14.43 cents less than the total 2021 tax rate.

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 2022 M&O tax rate is $0.9091, 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 2022 Tier 1 tax rate was reduced from $0.9134 to $0.8691.

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 2022-2023 budget year, GCISD will send an estimated $54.6 million to the State general budget. The State has set a maximum Tier 2 tax rate of five cents. Trustees voted to keep the Tier 2 M&O tax rate at four cents from 2021.

Trustees also approved an I&S tax rate of $0.2217, which is less than the 2021 rate of $0.3217. Trustees were able to make this reduction based on strong financial management by the District, which includes prepayment and refinancing of bonds.

The GCISD total tax rate has been reduced by 26.59 cents over the last four years.