GCISD bond tax hike lower than expected

Taxpayers in the Grapevine-Colleyville school district will see a much lower rate increase for the 2016 bond package than original estimates, officials said.

Instead of a conservative projection of a 12.81 cent rise in the tax rate, property owners will see a 7.66 cent boost, bringing the total tax rate to $1.3967.

GCISD officials reported in an Aug. 19 news release that $188.65 million in bonds were sold at an interest rate of 2.8 percent, saving almost $85 million in interest over the life of the bonds compared to the original estimate.

“We remain grateful for the community support we received during the 2016 bond election, and we are excited to have sold bonds at a lower interest rate than initially projected,” said Superintendent Robin Ryan.

Funds will go to rebuild most of Cannon Elementary School, construct indoor practice facilities at Colleyville-Heritage and Grapevine high schools, build additions at Grapevine and Timberline elementary schools and Grapevine Middle School and upgrade security, technology and other classroom components across the district.

For a homeowner with a property valued at $300,000, the increase will be almost $230 a year, more than $150 less than the original estimate.

The original tax impact was figured on a conservative 3 percent growth for 2016, but the actual boost in taxable values was more than 9 percent. Officials use conservative numbers to ensure they can raise the needed funds at a certain tax rate.

The remaining $60.3 million in bonds will be sold at a later date. By federal law, taxing entities may sell only what they will spend within three years of the date of the sale.

This story was originally published August 31, 2016 at 10:19 AM with the headline "GCISD bond tax hike lower than expected."