HomeMy WebLinkAboutIR 8688To the Mayor and Members of the City Council May 24, 2005
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SUBJECT: 2005 ESTIMATE OF APPRAISED PROPERTY VALUES
The Tarrant Appraisal District (TAD) has released its preliminary estimate • appraised
values for the 2005 tax year (the City's 2005-06 fiscal year). This will be the only
information available to the City prior to receipt of the Certified Tax Roll scheduled for
release on July 25.
The preliminary estimate reflects a total appraised value of $36,572,957,222 and a net
taxable value of $30,020,462,924. The net taxable value does not include the value for
those properties who's value is being protested by the property owner. TAD is still
mailing value notices; therefore many protests have yet to be filed with the Appraisal
Review Board.
Staff estimates a five percent (5%) reduction to preliminary estimates prior to the
certified values being released in July. This factor has been used to forecast the
appraised values upon which the 2005 property tax levy will be based. The anticipated
taxable value for FY2005-06 is $28,615,202,000, which is 5.5% above the FY2004-05
adopted taxable value of $27,115,551,000.
It is important to note that the May 3`d Fiscal Outlook Report presented to the City
Council included a 4.5% increase in projected revenues. Therefore the 5.5%
anticipated increase in net taxable value reported by TAD has, for the most part, already
been incorporated into the FY 2005-06 revenue projections. Because of this, the
currently estimated $6.8 million General Fund budget gap has been marginally affected.
Attached is a schedule showing comparable numbers relative to the 2003 numbers
certified in July 2003: the 2005 adopted taxable values certified in July 2004; and the
May 2005 preliminary values.
ISSUED BY THE CITY MANAGER FORT WORTHI TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 8688
I,I%Trp, To the Mayor and Members of the City Council May 24, 2005
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0k0f SUBJECT. 2005 ESTIMATE OF APPRAISED PROPERTY VALUES
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When the 2005 certified tax roll is received in July, addonal information will be
presented to City Council. In the interim, should you have any questions, please
contact Richard Zavala, Acting Assistant City Manager or me,
Charles R. Boswell
City Manager
Attachment
ISSUED BY THE CITY MANAGER
FORT WORTH, TEXAS
IN 1201",
-41 1
a
Preliminary Appraised Values
May 2005
as of 5"'4 9,121 05
Certified
Certified
Change
Change
Preliminary
Change $
Change %
Value
Value
Amount
Percent
Value
From Certified From Certified
July 25, 2003
July 23, 2004
Previous Year Previous Year
May 15, 2005
Previous Year Previous Year
Total Appraised Value ($000)
$28.967.991
$31,069.287
$2,101,296
7,25%
36572957-22
5503670,398
1711%
Less,
Deferred Special Use Value Loss
Agricultural
$495,875
$416,213
-$79,662
-16.06%
$474,870
$58,657
14,0910
Scenic Land
$5.867
$5,959
$92
1.57%
$5,512
-$447
-751%
Partial Exemption Value Loss
Disabled Veteran
$31,119
$32,682
$1,563
5.02%
$33,827
$1,145
3,50%
Over-65
$850,285
$883,075
$32,790
386%
$900,006
$16,932
1,9210
Homestead
$2,090,667
$2,360,654
$269,987
12.91%
$2,577,127
$216,473
9.17%
Disabled Person
$67,333
$84,609
$17,276
25.66%
$90,912
$6,304
7.45%
Freeport Inventory
$1,462,494
$1,965,715
$503,221
34.41%
$1,920,641
-$45,074
-2.29%
Solar /Wind
$14
$14
$0
0.00%
$14
$0
-0.81%
Pollution Control
$5,288
$7,189
$1,901
35.950f
$10,200
$3,011
41.88%
Foreign Trade Zone
$29,810
$38,685
$8,875
29.77%
$38,685
$0
0.00%
Historic Site
$21,107
$28,713
$7,606
36-04%
$42,111
$13,398
46.66%
Prorated Absolute
$1,837
$6,578
$4,741
258.08%
$964
-$5,614
-85.35%
Commercial Housing Develop
$0
$0
$0
$167,910
$167,910
Abatement Value Loss
$214,480
$274,446
$59,966
27,96%
$289,527
$15,081
5.50%
Nominal Personal Property
$1
$18
$17
1688-20%
$188
$170
951.94%
Net Taxable Value
$23,691,814
$24,964,737
$1,272,923
5.37%
$30,020,463
$5,055,725
20.25%
Less Shrinkage
$0
$0
-$1,501,023
Shrinkage Percent
0.00%
0.00%
-5.00%
• Minimum Value of
Protested Values
$782,465
$864,864
$82,399
10,53%
$95,762
($769,102)
-88.93%
• Incomplete Values
$863,798
$1,285,950
Adjusted Net Value
$25,338,077
$27,115,551
$1,777,474
702%
$28,615,202
$1,499,651
5.53%
Total Levy
$219,174
$234,550
$15,375
7.02%
$247,521
$12,972
5.53%
Tax Rate per $100 of Value
$0.86500
$0.86500
$0.86500
0
0,00%
Est. Levy Adjustments
-0.800%
-0.333%
-0.333%
Collection of Levy
$208,724
$226,757
$18,032
864%
$240,531
$12.541
5.53%
% Collection
96.00%
97,00%
97.50%
0,00%
0.00%
Less Est- Refunds
-$2,525
-$2,677
-$2,677
Budgeted Revenues
$206,199
$224,080
$17,881
8,67%
$237,854
$12,541
5.60%
380 Agreement Payments
($1,635)
-0.69%
Effective Budgeted Revenues
$236.219
Net New Construction
$1,035,075
$1,246,835
$211,761
20461
$1,451,015
$204,180
16.38%
Average Single Faro Residence
$90,707
$97,062
$6,355
7,01%
$102,602
$5,540
511%
as of 5"'4 9,121 05