2023 Tax Rate Adoption
In 2023, there are changes in tax rates and certified taxable property values, affecting residential, commercial, industrial, mineral lease, and agriculture properties. The proposed tax rates, historical data on average home values, and breakdown of tax rates are outlined. The impact of House Bill 3 on maintenance and operations tax rate compression is also discussed.
Download Presentation
Please find below an Image/Link to download the presentation.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author.If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.
You are allowed to download the files provided on this website for personal or commercial use, subject to the condition that they are used lawfully. All files are the property of their respective owners.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author.
E N D
Presentation Transcript
Certified Taxable Value Comparison 2022 9,846,157,455 $ 9,474,105,174 $ 4,478,730 $ $ 19,325,023,400 $ 2023 % Change 3% 12% 100% 90% 7% Residential Commercial/Industrial Mineral Lease Agriculture Properties Total 10,118,389,459 $ 10,617,582,366 $ 8,957,090 $ $ 20,745,464,649 $ 282,041 535,734 *July certified taxable values **Reflects increase in Homestead Exemption from $40,000 to $100,000 for the 2023 tax year. ***Does not include cases under review, incompletes, or in process.
Average Taxable Home Value Historical Data $900,000 $770,736 $800,000 $650,119 $700,000 $584,915 $562,115 $552,770 $600,000 $521,875 $500,792 $460,778 $444,520 $433,505 $500,000 $423,650 $401,557 $382,545 $375,631 $357,876 $336,252 $400,000 $305,370 $283,753 $300,000 $363,134 $320,441 $289,271 $200,000 $277,038 $275,247 $255,354 $238,472 $217,980 $100,000 $194,585 $- GCISD Average Taxable Value City of Colleyville Average Taxable Value City of Grapevine Average Taxable Value
Tax Rate Breakdown GCISD 2023 Proposed TAX RATE: $0.9247 GCISD 2023 Proposed TAX RATE: $0.9247 Maintenance & Operations (M&O) $0.7290 Interest & Sinking (I&S) $0.1957 Day-to-day operations Salaries Recapture Utilities Vehicle repair, maintenance, & fuel School supplies & materials SRO s & other safety & security Custodial supplies Grounds & building maintenance Pay for voter-approved bonds ONLY
2023 Proposed Tax Rate Comparison 2022 Adopted Rate 0.8691 $ 2023 Proposed Rate 0.6790 $ Variance (0.1901) $ M&O Tier 1 M&O Tier 2 Total M&O 0.04 0.05 0.01 $ 0.9091 $ 0.7290 (0.1801) $ Interest & Sinking (I&S) $ 0.2217 $ 0.1957 $ (0.026) Total Tax Rate $ 1.1308 $ 0.9247 (0.2061) $ *M&O Tier 1 tax rate calculated by TEA based on an increase in property values plus additional 10.7 cent compression required by legislation during the 88thLegislative Session
House Bill 3 Maintenance & Operations (M&O) Tax Rate Compression 2023 Tier 1 M&O Tax Rate compressed from $0.8691 to $0.6790 (19.01 cent reduction) Calculated by Texas Education Agency (NO NO local control over this tax rate) Based on a 13.33% increase in the July 25thcertified property values ($40k HE) Tier I Tax Rate has been compressed from $0.93 to $0.6790 (25.1 cent reduction) since the implementation of HB 3 $0.80 $0.9134 $0.93 $0.9164 $0.8691 $0.60 $0.6790 $0.40 $0.20 $0.00 Tier 1 Tax Rate 2019 2020 2021 2022 2023
How does tax compression work? Property Tax Values Tier 1 Tax Rate (Maximum Compressed Rate)
Interest & Sinking (I&S) Information GCISD receives no State funding for facilities GCISD keeps 100% of these funds in the community to pay for voter-approved bonds 2023 proposed Interest & Sinking (I&S) tax rate of $0.1957 (21.25 cents less less than the tax rate of $0.4082 originally communicated to voters in 2016)
Interest & Sinking (I&S) Tax Rate Options for Interest & Sinking Tax Rate Adoption Decrease tax rate Maintain I&S Tax Rate and use surplus fund to prepay bonds to reduce future interest costs to taxpayers Combination of both Recommendation: Recommendation: $0.1947 tax rate (2.6 cents lower than the 2022 tax rate)
Taxpayer Impact of 2023 Tax Rate Changes on Average Home Value 2023 GCISD Average Home Value $444,520 2022 $1.1308 $5,027 2023 $0.9247 $4,110 Savings Due to Reduced Tax Rate $917
Taxpayer Impact of 2023 Tax Rate Changes 2023 Home Value 444,520 $ 730,776 $ 363,134 $ 2022 Taxes Paid 5,027 $ 8,264 4,106 2023 Taxes Paid 4,110 $ 6,757 $ 3,358 $ Savings $ 1,506 $ $ GCISD Colleyville Grapevine 917 Tax Rate $ $ 748 500,000 $ 600,000 $ 700,000 $ 800,000 $ $ $ $ $ 5,654 6,785 7,916 9,046 $ $ $ $ 4,624 5,548 6,473 7,398 $ $ $ $ 1,031 1,237 1,443 1,649
Breakdown of 2023 Total Taxes $870 Voter Approved Bonds M&O Taxes Recaptured by State (Robin Hood) Over 26.5% of M&O tax collections are sent to the State $859 Total Taxes Paid on Average Home Value $4,110 M&O Taxes Used to pay for daily operating costs $2,381
GCISD Total Tax Rate History $1.50 $1.3967 $1.3267 $1.3031 $1.2751 $1.30 0.3567 $1.1308 0.3567 0.3367 0.3217 $1.10 0.2217 $0.9247 $0.90 0.1957 $0.70 0.9664 0.9534 1.04 0.9091 0.97 $0.50 0.729 $0.30 $0.10 2018 2019 2020 M&O 2021 2022 2023 (proposed) I&S HB 3 Implemented
![Town of [Town Name] Real Estate Tax Rates and FY 2024 Budget Summary](/thumb/62211/town-of-town-name-real-estate-tax-rates-and-fy-2024-budget-summary.jpg)
