Page 63 - Grapevine FY23 Adopted Budget (1)

Revenue and Other Financing Sources

General Government revenue is budgeted at $90.7 million, an increase of $4.9 million (6%) from
the previous year. The increase in budgeted revenue is primarily due to higher Sales and Use tax
collections, which are budgeted to increase by $4.3 million from the prior year.

Ad Valorem Taxes, or property taxes, are levied each October 1 on the assessed value listed as of
the prior January 1 for all real and personal property located within the City. Assessed values
represent the appraised value less applicable exemptions authorized by the City Council. Appraised
values are established by the Tarrant Appraisal District (TAD) at 100% of estimated market value.
Taxes are due October 1, immediately following the January 1 lien date, and are delinquent after the
following January 13. Delinquent taxes are subject to a 15% penalty and 6% interest according to
Texas state law.

Net Taxable Value

$11,000
$10,500
Assessed Valuation (Millions) $9,000
$10,000
$9,500

$8,500
$8,000
$7,500
$7,000
$6,500
$6,000
$5,500
$5,000
$4,500
$4,000
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

The certified net taxable value (NTV), which includes a projected minimum value for all properties
pending disposition before the Appraisal Review Board, totals $10,438,758,327 and is reflective of
all taxable property in the City as of January 1, 2022. This represents an increase of $87,503,651
(.8%) from the 2021 tax roll.

The City has adopted a tax rate of $0.271775 per $100 valuation, which represents a decrease of
.01% from the previous year. There are two components of the tax rate. The first component is for
maintenance and operations (M&O) while the second component relates to debt service interest and
sinking fund (I&S) requirements. Ad Valorem taxes for M&O are collected through the General
fund. The City has adopted a tax rate of $0.143681 for the General Fund, meaning 53% of tax
collections fund maintenance and operations. In comparison, last year’s M&O rate of $0.140435
represented 52% of tax collections.

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