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Finance Director answers commonly asked tax rate questions

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Winston DukeA message from interim Finance Director Winston Duke:
Around this time of year residents begin receiving valuation notices from the Tarrant Appraisal District (TAD) and they usually have questions for me and my staff. While we are more than happy to answer questions, I’ve answered some of the most commonly asked questions here, which I hope provide you with more information about your tax dollars.

So why did my property value increase and who increased it?
Cities are not in charge of valuing property—appraisal districts are. Tarrant Appraisal District (TAD) assesses the value of all properties in the City of Colleyville. State law requires appraisal districts to value property at 100% of market value. State law also prohibits an appraisal district from increasing the appraised value of a homestead by more than 10% in a given tax year. Because of this limit, you may see that the market value on your notice from TAD is higher than the taxable value. Taxable value also takes into consideration any exemptions provided by the different taxing entities.

According to the TAD, people continue to move to North Texas and are looking for homes. Because of the high demand and the limited inventory, many property owners will see higher assessed values this year.

I thought the City Council lowered the tax rate, why has my tax bill increased?
In September 2016, the City Council voted to lower the tax rate to $0.339130 per $100 valuation. The rate is lower than the previous rate of $0.3559 per $100 valuation, which the city has had in place since 2008.

This rate reduction serves to provide relief to property owners receiving higher appraisal values from the TAD, while also providing the revenue necessary to continue funding city programs and services at a sustainable level. Despite lowering the rate, residents may see an increase in their bill due to higher property values and/or if other taxing entities adopt rate increases. Similarly, if other entities kept the same tax rate and your property value increased you will pay more in taxes. The City Council plans to evaluate the 2017 rate  as part of the upcoming budget process.

Is $0.339130 per $100 valuation my total tax rate?
It is not. The City is only one of several taxing authorities with overlapping jurisdiction for Colleyville residents, including school districts, Tarrant County, the Tarrant County Hospital District, and Tarrant County College. The image below illustrates how each penny of tax is divided.

Overlapping Property Tax

OK but what are my tax dollars paying for in the City of Colleyville?
Resident property tax dollars help fund a variety of services including parks, the library, public safety, infrastructure, and more.

Cost of City Services

Does the City of Colleyville bill me for my property taxes?
The City of Colleyville has contracted with the Grapevine-Colleyville School District Tax Office to collect property taxes on its behalf.

The contact information for the Tax Assessor-Collector is:
Grapevine-Colleyville Area Tax Office
3072 Mustang Drive
Grapevine, TX 76051

For information on your Tarrant County taxes contact:
Tarrant County Tax Assessor-Collector
100 E. Weatherford St.
Fort Worth, Texas 76196-0301

For information on tax values contact:
Tarrant Appraisal District
2500 Handley-Ederville Road
Fort Worth, Texas 76118-6982

What property tax exemptions does the city provide?
The City provides an exemption of $65,000 for residents over 65 and disabled residents. This exemption reduces the taxable value of a property but does not affect market value. The City also provides the freezing of taxes for residents over 65 and disabled residents, which freezes the dollar amount of taxes paid. It does not change taxable value. To receive this exemption, contact Tarrant Appraisal District.

You didn’t answer my question.
If you would like more assistance feel free to call the Finance Department at 817.503.1010.

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City of Colleyville | 100 Main Street, Colleyville, Texas 76034 | 817-503-1000 | Contact the city