HomeMy WebLinkAboutIR 9032INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9032
Each year, the City of Fort Worth and the State of Texas allow approximately 18 percent
of the total assessed value of property in Fort Worth to be fully or partially exempted
from the property tax. Exemptions fall into a number of categories, some of which are
controllable by the City Council, provided the policy is changed prior to May 1 of each
year.
Each exemption listed below (except for the Historic Sites Exemption) is currently at its
maximum legal level, and may only be decreased by the City Council. However, doing
so would equate to an increase in taxes for individuals who qualify for those
exemptions.
In March 2007, the City Council adopted a Senior /Disabled Tax Freeze, which will
freeze the tax bill of eligible citizens at their 2008 levels. Any modification of the
following exemptions will not affect those individuals as long as they qualify for the
exemption in their current residence.
The City Council has the option on an annual basis, if changed prior to May 1, to modify
the following exemptions:
General Residence Homestead Exemption: An exemption of not less than
$5,000 and not to exceed 20 percent of the appraised value. This exemption is
currently at its maximum value of 20% and may only be decreased.
2. Senior Citizen Homestead Exemption: This is in addition to the General
Residence Homestead Exemption for owners who are aged 65 and older, or their
surviving spouses. This exemption is currently at its maximum value of
$40,000.00 and may only be decreased.
3. Disabled Homestead Exemption: This exempts a certain amount of
homestead value for property owners who are 100 percent disabled and unable
to work due to their disability, as determined by Social Security standards and
confirmed by a physician. At $40,000.00, this exemption is also at its maximum
value and may only be decreased.
4. Historic Sites Exemption: This exempts part or all of the assessed value of
property designated by the Texas Historical Commission or local governing body
as an exempt historical site. The practice in Fort Worth has been to exempt the
increase in value resulting from renovation or preservation of a historical site,
with each case presented to the City Council on an individual basis.
ISSUED BY THE CITY MANAGER
FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9032
The amount of Current Property Tax Revenue that the City expects to collect in
FY2008 -09, after exemptions, is presented in the attached table. The total value of
property exempted from Property Taxes is $7.42 billion which includes Deferred Special
Use Value Loss and Partial Exemption Value Loss.
Staff recommends no change to these property tax exemptions.
If you have any questions, contact Horatio Porter, Budget Officer at 817 - 392.2379.
Qale A. Fissele , E.
City Manager
Attachment
ISSUED BY THE CITY MANAGER
FORT WORTH. TEXAS
Calculations of Current Property Tax Revenue from Total Appraised Value
FYOO FY09 $Change from Previous %Change, from Previous
Jul Certified July Certified Certified N Certified Year
_y_- — I I I I 1
Less
Deferred Special Use Value Loss
Agricultural
$
558,700,165
$ 621,992,684
$
63,292.519
11,33%
Scenic Land
$
6,337,400
$ 6,102,692
$
(234,708)
-170%
Partial Exemption Value Loss
Disabled Veteran
$
35,316,751
$ 35,699,397
$
382,636
IM%
Over-65
$
955,861,537
$ 983,283,850
$
27,422,313
2.87%
Homestead
$
3,051,652,461
$ 3273,462,012
$
221,809,551
7-27%
Disabled Person
$
97,825,705
$ 110,383,288
$
I2,557,583
12,84%
Freeport Inventory
$
2,207,238,954
$ 1,628,268,935
$
(578,970,019)
-26,23%
SolarANInd
$
13,886
$ 13,888
$
OM%
Pollution Control
$
11,350,260
$ 9,562,341
$
(1,787,919)
-15.75%
Foreign Trade Zone
$
441,970,198
$ 118,662,327
$
(323,307,871)
-73,15%
Historic Site
$
84,857,586
$ 50,141,383
$
(34,716,203)
-40,91%
Prorated Absolute
$
18,187,518
$ 49,320,272
$
31,132,754
171-18%
Commercial Housing Development
$
140,867,612
$ 122,585,364
$
(18,282248)
-12M%
Abatement Value Loss
$
275,011,839
$ 403,432,834
$
128,420,995
46,70%
Nominal Personal Property
$
104,187
$ 249,409
$
145,222
139.39%
Freeze Taxable
$ 3,681,145
$
3,681,145
Transfer Adjustments
$ (12,828)
$
(12,828)
Sub- TAgL Exemptions
$
7,885,296,059
$ 7,416,854,637
$
(468,441,422)
-5.94%
Not Taxable Value
36,428,214,376
$ 38,064,308,386
$
11,630,094,0110
4.49%
+ Minimum value
of Protested Values
$
817,143,027
$ 1,966,406,625
$
1,149,263,598
140.64%
Incomplete Properties
$
381,239,796
$ 836,194,234
$
454,954438
119.34%
Adjusted Not Valu a
$
37,626,597,199
$ 40,866,909,245
$
3,240,312,046
8.61%
Total Levy
$
321,707,406
$ 349,412,074
$
27,704,668
8,61%
Tax Rate per $100 of Value
0.855
0,855
Lost
Estimated Levy Adl ustments
0,22%
0,22%
Adjusted Levy
$
320,999,660
$ 348,643,367
$
27,643,718
8,61%
Less
Collection Rate
99%
99%
Collection of Levy
$
317,789,653
$ 345,156,934
$
27,367,281
8,61%
Less
Estimated Refunds
$
2,250,000
$ 2,250,000
Budgeted Revenues
$
315,639,653
$ 342,906,934
$
27,367,281
8.67%
Revenue Allocations
Debt Service
$
49,489, 904
$ 57,792,853
$
8,302,949
16,78%
Gas Well Restricted
$
-
$ 1,514,291
$
1,514,291
Gerwal Fund
$
2MO49,750
$ 283p ;90
$
17,550,040
640%