HomeMy WebLinkAboutIR 8934INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 8934
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:
1. 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
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, 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
Iry
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 8934
The amount of Current Property Tax Revenue that the City expects to collect in FY2007-
08, after exemptions, is presented in the attached table. The total value of property
exempted from Property Taxes is $7.88 billion which includes Deferred Special Use Value
Loss and Partial Exemption Value Loss.
Staff recommends no change to these property tax exemptions.
de
Dale A. Fiss er, P. E.
City Manager
Attachment
ISSUED BY THE CITY MANAGER
FORT WORTH, TEXAS
aw
sm Calculation of Current Property Tax Revenue from Total Appraised Val
Total Appraised Value
Less
Deferred Special Use Value Loss
Agricultural
Scenic Land
Partial Exemption Value Loss
Disabled Veteran
Over-65
Homestead
Disabled Person
Freeport Inventory
SolarAiVind
Pollution Control
Foreign Trade Zone
Historic Site
Prorated Absolute
Commercial Housing Development
Abatement Value Loss
Nominal Personal Property
Sub- Total Exemptions
Net Taxable Value
Plus
Min Value of Protested Values
Incomplete Properties
Adjusted Net Value
Total Levy
Tax Rate per $100 of Value
Less
Estimated Levy Act ustments
Estimated Final Levy
Estimate Refunds
Collection of Levy
% Collection
Less Est, Refunds
Budgeted Revenues
$ 39,606,960,149 $ 44,313,510,436 $ 4,806,550,286 12.17%
$ 530,791,904
$
558,700,165
$
27,908,261
526010
$ 7,550,829
$
6,337,400
$
(1,213,429)
-16.07%
$ 34,598,283
$
35,316,751
$
718,468
2.08010
$ 930,018,874
$
955,861,537
$
25,842,663
2.78%
$ 2,799,007,750
$
3,051,652,461
$
252,644,711
9.03%
$ 93,982,608
$
97,825,705
$
3,843,097
4,09%
$ 2,032,017,015
$
2,207,238,954
$
175,221,939
&62010
$ 13,886
$
13,886
0.00010
$ 10,427,895
$
11,350,260
$
922,365
8.85%
$ 334,170,294
$
441,970,198
$
107,799,904
3226010
$ 36,263,105
$
84,857,586
$
48,594,481
134.01%
$ 10,214,890
$
18,187,518
$
7,972,628
78,05%
$ 152,451,993
$
140,867,612
$
(11,584,381)
-7B0%
$ 281,527,194
$
275,011,839
$
(6,515,355)
-2,31%
$ 47,440
$
104,187
$
56,747
119.62010
$ 7,253,083,960
$
7,885,296,059
$
632,212,099
8.72%
$ 32,253,876,189
$
36,428,214,376
$
4,174,338,187
12.94%
$ 1,089,462,934
$
817,143,027
$
(272,319,907)
-25.00010
$ 617,270,250
$
381,239,796
$
(236,030,454)
-38,24%
$ 33,960,609,373
$
37,626,597,199
$
3,665,987,826
1079010
$ 292,061,241
$
321,707,406
$
29,646,165
10.15%
0.860
0.855
-0.58%
422010
-0.22010
$ 291,418,708
320,999,650
$ 285,590,333
$
317,789,653
$
32,199,320
1127010
98.0%
99.00/0
1,02%
$ 2,500,000
$
2,250,000
-10,00%
$ 283,090,333
$
315,539,653
$
32,449,320
11.46010