Page 136 - CityofColleyvilleFY23AdoptedBudget

Property Taxes Summary

Colleyville bene ts from a strong residential base, which helps mitigate the negative effects of economic uctuations,
such as those we have seen recently. Property values all over Texas has been experiencing tremendous growth
recently, and Colleyville is no exception. While the City is close to build-out, Colleyville did see close to $60 million in
new property growth in both the current year and previous year, most of which is located outside of the Tax Increment
Financing District. One of the City Council’s highest priorities has been minimizing the tax burden of our citizens, so
this new growth is crucial to maintaining that goal. Each year, careful consideration is given to the amount of revenue
(and associated tax rate) needed, as opposed to simply maintaining a tax rate that brings in additional revenue due to
increased property values. The City Council’s budgeting strategy is that any tax rate above the no-new-revenue rate
must be fully justi ed for speci c programs or services. For reference, the no-new-revenue rate is a tax rate that aims to
keep the average property owner’s tax bill static from year-to-year, meaning only brand new property that didn’t exist
in the previous year can result in new revenue. Fiscal Year 2023 represents the fth consecutive scal year in which the
budget is funded with the no-new-revenue tax rate. Staff anticipates strong reappraisals in the coming years, with
modest and diminishing new growth.

A16,458,052 $16,458,052
(100.00% vs. prior year)

Proper ty Taxes Proposed and Historical Budget vs. Actual
$20M

$15M

$10M

$5M

$0
FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023
Actual Budgeted Over Budget

City of Colleyville | Budget Book 2023 Page 136