HomeMy WebLinkAboutIR 7607 INFORMAL REPORT TO CITY COUNCIL MEMBERS NO. 7607
00STE N-6 May 19, 1992
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To the Mayor and Members of the City Council
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rt Subject: 1992 Estimate of Appraised Property Values
Tarrant Appraisal District (TAD) has released its preliminary estimate of
appraised values for the 1992 tax year (the City's 1992-93 fiscal 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 $17,519,901,240,
and a net taxable value of $14,727,383,989. The net taxable value does not
include $88,659,555 for those properties whose values are being protested by
the property owner. At least $60,084,069, the minimum value of these
properties, will be added to the taxable values after all Appraisal Review
Board hearings are completed.
TAD has advised the City that reductions to preliminary estimates have
historically averaged 5% on a countywide basis prior to the certified values
being released in July. This factor has been used to forecast the appraised
values upon which the 1992 property tax levy will be based. The anticipated
taxable value for FY 1992-93 is $14,051,099,000, which is 3.42% below the
oop� current taxable value of $14,548,393,000, and generally consistent with
assumptions being used in preparation of the FY 1992-93 budget.
Attached is a schedule showing comparable numbers relative to the 1991
preliminary values, the 1991 certified values, the current amended 1991
values and the preliminary 1992 values.
When the 1992 certified tax roll is received in July, additional information
will be presented to the City Council .
Robert Terrell
BT:a Acting City Manager
ISSUED BY THE CITY MANAGER FORT WORTH,TEXAS