HomeMy WebLinkAboutIR 7527 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 7527
'R Tt A,0 May 28, 1991
To the Mayor and Members of the City Council
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Subject:
1991 ESTIMATE OF APPRAISED PROPERTY VALUES
Tarrant Appraisal District (TAD) has released to the City their preliminary
estimate of appraised values for the 1991 tax year. This will be the only
information available to the City prior to receipt of the Certified Tax Roll
scheduled for release by TAD on July 25.
The preliminary estimate reflects a total appraised value of $17,986,908 and a
net taxable value of $14,612,045. Excluded from this number is the
$84,085,788 in net value for those properties whose values are being protested
by the property owner. At least $58,609,566, the minimum value of these
properties, should be added to the taxable values after all Appraisal Review
Board hearings are completed; however, other factors are expected to reduce
the appraised values by a combined amount greater than this potential
increase. The 1991 value loss due to the 11freeport exemption", $316,139,801,
is considerably less than the $432,330,048 for 1990. Information from TAD has
revealed than only about 57% of the applications for this exemption had been
processed when the preliminary numbers were released; therefore, it is
expected that the certified roll will reflect exemptions as least as great as
the previous year. Additionally, TAD has advised the City that reductions to
the estimates have historically averaged around 5% on a countywide basis prior
to the certified values in July. It seems prudent to use this factor in
projecting the appraised values upon which the 1991 taxes will be based.
Taking this information into consideration results in an anticipated certified
tax roll of $14,496,101 which is effectively "flat" when compared with last
year and consistent with assumptions being used in preparation of the 1991-92
budget.
Attached for your information is a schedule showing comparable numbers of the
1990 preliminary values, the 1990 certified values, the current amended 1990
values and the 1991 preliminary values.
When the 1991 certified tax roll is received in July, additional information
will be presented to the City Council.
(I P
David Ivory
City Manager
[ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
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