Page 62 - GrapevineFY24 Adopted Budget

Revenue and Other Financing Sources

General Government revenue is budgeted at $98 million, an increase of $7.2 million (8%) 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 $4.4 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.

The certified net taxable value (NTV), which includes a projected minimum value for all properties
pending disposition before the Appraisal Review Board, totals $12,097,624,015 and is reflective of
all taxable property in the City as of January 1, 2023. This represents an increase of $1,658,865,688
(16%) from the 2022 tax roll.

The City has adopted a tax rate of $0.250560 per $100 valuation, which represents a decrease of 8%
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 $0.136328 for the General Fund, meaning 54% of tax
collections fund maintenance and operations. In comparison, last year’s M&O rate of $0.143681
represented 53% of tax collections.

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