Page 18 - City of Colleyville FY22 Adopted Budget

Colleyville’s property valuations for tax year 2021 (fiscal year 2022) are valued at
$6,213,549,734, and includes $60,415,888 in new construction. This represents an
increase of $246,583,414 (4.1%) over the fiscal year 2021 taxable value. The total
taxable value includes TIF zone property, which has a combined taxable value
increment of $439,107,273 (TIF Zone #1 adopted in 1998- $422,931,176 and TIF
Zone #1A adopted in 2012- $16,176,097). The final TIF value is subject to change,
as valuation is still under appeal. However, this does represent a decrease of
$11,854,488 (2.6%) over the current year TIF valuation. This decrease is at least
partially related to COVID-related business closures being a consideration for the
appraisal district when assessing property values.

The fiscal year 2022 budget includes a property tax rate of $0.291778 per $100
value. The tax rate is comprised of an operation and maintenance rate of $0.280687,
and an interest and sinking rate of $0.011091. The latter component provides funding
for retirement of the annual debt obligations. The following table provides historical
information on the City’s tax rate, average residential property value, and average
property tax payment.

Average Average
Budget Residential Property Property Tax
Year Property Value Tax Rate Payment
2012 $396,817 $0.3559 $1,412.28
2013 $397,889 $0.3559 $1,416.09
2014 $406,040 $0.3559 $1,445.10
2015 $421,497 $0.3559 $1,500.11

2016 $423,650 $0.3559 $1,507.77
2017 $460,461 $0.33913 $1,561.56
2018 $500,748 $0.33383 $1,671.67
2019 $521,831 $0.320800 $1,674.03
2020 $552,770 $0.306807 $1,695.94
2021 $562,115 $0.304365 $1,710.88
2022 $584,915 $0.291778 $1,706.65
Sales Tax
The second major financial consideration guiding development of the budget is sales
tax revenue. The City collects a total two percent sales tax: one percent for General
Fund with the remaining one percent allocated for two half-cent special purpose
districts. Sales tax has been budgeted at a conservative 4 percent decrease for fiscal
year 2022 compared to fiscal year 2021. The decrease is an attempt to recognize
that a portion of the City’s FY2021 sales tax revenue came from costs related to home
repairs from the winter storm as well as a windfall from businesses opening back up
in early 2021. The decrease is budgeted as a recognition that those events were
outliers and the associated revenue cannot be counted on in future years.

Licenses and Permits
The City has conservatively budgeted license and permit revenue for fiscal year 2022,
acknowledging the early stages of new residential development trends in Colleyville.
Large subdivisions are reaching conclusion and smaller infill projects are coming into

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