HomeMy WebLinkAboutIR 7722 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 7722
May 18, 1993
# To the Mayor and Members of the City Council
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Subject: 1993 Estimate of Appraised Property Values
Tarrant Appraisal District (TAD) has released its preliminary estimate 91
appraised values for the 1993 tax year (the City's 1993-94 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 $16,905,377,832
and a net taxable value of $13,998,065,806. The net taxable value does not
include $66,525,949 for those properties whose values are being protested by
the property owner. At least $43,521,190, 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 1993 property tax levy will be based. The anticipated
taxable value for FY 1993-94 is $13,341,685,000, which is 2.47% below the
current taxable value of $13,680,034,000, and somewhat lower than the
assumptions used in preparation of the most recent multi-year forecast.
Attached is a schedule showing comparable numbers relative to the 1992
preliminary values, the 1992 certified values, the current amended 1992 values
and the preliminary 1993 values.
When the 1993 certified tax roll is received in July, additional information will
be presented to the City Council.
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4,*,- Bo Terrell
City Manager
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OFFICIAL RECORD
CITY SECRETARY
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