HomeMy WebLinkAboutIR 7468 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 7468
�`i OPP To the Mayor and Members of the City Council
May 29, 1990
Subject: 1990 PRELIMINARY ESTIMATE OF APPRAISED PROPERTY VALUES
From the creation of Tarrant Appraisal District ( TAD ) through last
year , appraisal districts were required to furnish each taxing entity
a certified estimate of property values by May 15th of each year .
The 1989 Legislature amended the Texas Property Tax Code to delete
this requirement ; however , TAD will continue to provide the
preliminary estimates to help the City in our budget planning . The
1990 preliminary estimates have been received , and a summary of this
information is attached . For comparison purposes , the summary also
presents 1989 tax year information showing the May preliminary
estimates, the July certified value and the current amended value .
The 1990 preliminary estimates reflect a Total Appraised Value of
$17 ,740,458 ,000 which exceeds the current amended value by
approximately $267 ,000 ,000; however , the preliminary estimate of Net
Taxable Value ( after exemptions ) is $15 , 187 ,074 ,000 which closely
approximates the current net Taxable Value . Primarily this reflects
increased exemptions granted by the City Council and effective in
1990 . On April 10 , 1990 ( M&C G-8552 ) , the City Council adopted an
ordinance increasing the Disabled Citizen Homestead Exemption from
eL X10 ,000 to $20 ,000 . The total lost value of this exemption has
increased from the current $12 ,859 ,000 to $22 ,532 ,000 for 1990 which
equates to a revenue loss of $84 ,350 . On August 29 , 1989 ( M&C
6-8143 ) , the City Council adopted a "freeport exemption" ordinance
exempting from personal property taxes inventory which is in the state
for fewer than 175 days . The preliminary value loss from this
exemption is $281 ,472 ,000 which equates to a revenue loss of
$2 ,454 ,520. This loss results from 118 accounts having filed for the
"freeport exemption" . TAD believes that there are 300-400 accounts
eligible to file; therefore, the potential exists for this value loss
to increase greatly when the certified roll is received in July .
The Adjusted Net Taxable Value takes into consideration the historical
fact that over the last five years preliminary estimates have
deteriorated an average of three percent from May to September .
Also , 1990 is a reappraisal year , which accounts for a significantly
higher number of appeals to the Appraisal Review Board . Properties
with a 1990 appraised value of $156 ,383 ,472 are currently under
protest and are not included in the preliminary estimates; however ,
the projected minimum value ( $95 ,656 ,362 ) of these same properties
is added to arrive at Adjusted Net Taxable Value on the attached
summary .
When the 1990 Certified Tax Role is received in July , additional
information will be provided to the City Council .
opl-
/-^,David Ivory
City Manager
-ISSUED BY THE CITY MANAGER — FORT WORTH, TEXAS
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