Page 53 - GrapevineFY24 Adopted Budget

Key Revenue Drivers and Assumptions

Property taxes are determined by the
appraised value of taxable property within the
city and the rate of taxation levied by the city.
The tax rate is assumed to remain at the
current rate of $0.250560 per $100 of
valuation or less throughout the three-year
forecast window. The net taxable value
(NTV) of all property within the city increased
by $1.6 billion (16%) in 2023. While NTV
will likely continue an upward trajectory, the
revenue received is projected to increase by no
more than 3.5% annually due to state-mandated caps on property tax revenue growth.

Sales Taxes Beginning in FY21, Grapevine’s sales tax collections grew sharply resulting in near
pre-pandemic collection rates. This trend has continued through FY22 and FY23. However, in
FY24 this trend is expected to moderate resulting in reduced gains in sales taxes.

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