HomeMy WebLinkAboutIR 8761III I JOIN ".11-0 SAMOA a L00404 I of M.-] :R
rv�
I Us
April 11, 20'
• the Mayor and Members of the City Council I
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 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. Those exemptions currently being
claimed by Fort Worth property owners over which the City Council exercises no discretionary
power are: Agricultural, Freeport, Foreign Trade Zone, Disabled Veterans, Scenic land, Solar and
Wind Powered Energy Devices, Pollution Control Devices, Prorated Absolutes, Commercial
Housing Development and Nominal Value Personal Property.
The City Council has the option on an annual basis, if changed prior to May 1, to increase or
decrease 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. The current value is 20 percent.
01-1-1�- 2. Senior Citizen Homestead Exemption:
a,
Homestead Exemption for owners who
spouses. The current value is $40,000.
This is in addition to the General Residence
are aged 65 and older, or their surviving
3. Disabled Homestead Exemption: This exempts $40,000 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.
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.
The amount of Current Property Tax revenue that the City experts to collect in FY2005-06, after
exemptions, is presented in the following table. The total value exempted from Property Taxes is
$6,23 billion.
Charles R. Boswell
Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
Calculation of Current Property Tax Revenue from Total Appraised Value
BY THE CITY MANAGER FORT WORTH. TEXAS
I d
Ad
Certified
Certified
Changed
Change %
Value
Value
From Certified
From Certified
7/23/2004
712512005
Previous Year
Previous Year
Total Appraised Value ($000)
$
31,069,287
$
34,631,414
$
3,562,128
11.5%
Less:
Deferred Special Use Value Loss
Agricultural
$
416,213
$
425,107
$
8,893
2.1%
Scenic Land
$
5,959
$
5,314
$
(645)
-10.8%
Partial Exemption Value Loss
Disabled Veteran
$
32,682
$
33,956
$
1,274
3.9%
Over-65
$
883,075
$
908,104
$
25,029
2.8%
Homestead
$
2,360,654
$
2,586,872
$
226,218
9.6%
Disabled Person
$
84,609
$
92,808
$
8,200
9.7%
Freeport Inventory
$
1,965,715
$
1,814,080
$
(151,636)
-7.7%
Solar/Wind
$
14
$
14
$
(0)
-0.8%
Pollution Control
$
7,189
$
9,239
$
2,050
28.5010
Foreign Trade Zone
$
38,685
$
11,751
$
(26,934)
-69.6010
Historic Site
$
28,713
$
28,948
$
234
0.8%
Prorated Absolute
$
6,578
$
3,467
$
(3,111)
-47.3%
Commercial Housing Development
$
-
$
167,509
$
167,509
Abatement Value Loss
$
274,446
$
147,385
$
(127,061)
-46.3%
Nominal Personal Property
$
18
$
1
$
(17)
-94.8%
Net Taxable Value
$
24,964,737
$28,396,862
$
3,432,124
13.7%
Plus:
Minimum Value of
Pro-tested Values
$
864,864
$
911,761
$
46,896
5.4%
Incomplete Values
$
1,285;950
$
563,100
Adjusted Net Value
$27,115,551
$29,871,722
$
2,756,171
10.2%
Total Levy @,8650
$234,550
$258,390
$
23,841
10.2%
Less Est. Refunds
$
(2,677)
$
12,500)
$
177
-6,6%
Budgete-114 Revenues
$
2243080
$
247,387
$
23,307
10A%
BY THE CITY MANAGER FORT WORTH. TEXAS
I d
Ad