Government
BY CODY THORN
Tax rate to effect business properties Colleyville City Council approved an $83 million budget for fiscal year 2024-25 during the Sept. 17 meeting. What happened Council also adopted the tax rate, which will be effectively raised by 3.33%, according to city documents. At $0.276204 per $100 valuation, the Colleyville rate is above the no-new-revenue rate but below the voter-approval rate, Finance Director Matt Poston said. That is an increase of $0.015213 per $100, or 5.83%. Poston said on a house valued at $700,000, Colleyville taxpayers will pay $29 less compared to 2023. Commercial proper- ties valued at $1 million will pay $152 more. Poston added the tax bill is split and paid to five different entities.
Grapevine tax rate
$0.3
$0.2826
$0.2
Grapevine City Council approved a $0.241165 per $100 valuation tax rate for fiscal year 2024-25.
$0.24116
$0.1
$0
2020-21
2021-22 2022-23 2023-24 2024-25
Fiscal year
Grapevine general fund
Economic development: $5.65M
Water and wastewater: $39.85M
Crime control and prevention district: $24.22M Convention and visitor bureau: $27.51M
Convention and leisure incentives: $5M
Permanent capital and street maintenance: $4.89M
Stormwater drainage utility: $2.18M Lake parks special revenue: $3.40M
Trinity Metro/4B: $15.93M Debt service: $17.06M
Golf course: $7.13M
SOURCE: CITY OF GRAPEVINE/COMMUNITY IMPACT
Grapevine City Council adds $29M to budget Grapevine City Council approved the fiscal year 2024-25 budget and adopted a lower tax rate during the Sept. 17 meeting. The tax rate adopted was $0.241165 per $100 val- uation, which falls below the posted no-new-rev- enue rate, according to Chief Financial Officer Jeff Strawn. The maintenance and operations portion of the rate, which is used for general spending, is $0.13182, and the interest and sinking portion,
which is used to repay debt, is $0.109353. Both of those were decreases compared to the FY 2023-24 rates, according to city documents. The overview Council also approved the budget, which is $241 million across all city funds, an increase of $29 million from 2023-24. The $29 million will go toward keeping employee pay in the 50th percen- tile of market levels, maintaining the permanent capital maintenance funds and sustaining cash funds for fleet vehicles, according to city officials. The budget includes market- and merit-based pay increases for city employees and first respond- ers, as well.
Colleyville tax rate*
Maintenance and operations Interest and sinking
$0.30 $0.35 $0.20 $0.15 $0.25 $0.10 $0.05 $0
Fiscal year
SOURCE: CITY OF COLLEYVILLE/COMMUNITY IMPACT *PER $100 VALUATION
Southlake City Council OKs property tax decrease Southlake City Council approved a lower ad valorem tax rate for the seventh year in a row during the Sept. 17 meeting. Zooming in The approved property tax rate is $0.305 per $100 valuation, a drop of $0.014 compared to last year, according to city documents. Chief Financial Officer Sharen Jackson said reduce revenues by an additional $5.6 million. She said the average house has a value of $1.09 million and the tax bill will be $2,670. That is an approximate saving of $14 compared to the previous year, according to documents. The context
Southlake tax rate
Southlake City Council approved a $0.305 per $100 valuation tax rate for fiscal year 2024-25.
$0.3 $0.4 $0.5 $0.2 $0.1 $0
The proposed tax rate will allocate $0.25 for the general fund operation and $0.055 for debt services. The general fund totals $54.4 million, or 41.6%, of the $130.5 million operating budget.
the reduction will reduce city revenues by $1.58 million, while the 20% homestead exemption will
Fiscal year
SOURCE: CITY OF SOUTHLAKE/COMMUNITY IMPACT
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