HomeMy WebLinkAboutIR 7917 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 7917
Pl To the Mayor and Members of the City Council May 16, 1995
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W1873 , Subject: 1995 ESTIMATE OF APPRAISED PROPERTY VALUES
Tarrant Appraisal District (TAD) has released its preliminary estimate of appraised
values for the 1995 tax year (the City's 1995-96 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$16,967,857,190 and a net
taxable value of$14,156,391,000. The net taxable value does include the value for those
properties whose values are 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.
TAD has advised the City that reductions to preliminary estimates have historically
averaged 5% on a county-wide basis prior to the certified values being released in July.
This factor has been used to forecast the appraised values upon which the 1995 property
tax levy will be based. The anticipated taxable value for FY 1995-96 is $13,480,247,000
which is 4.59% above the current taxable value of$12,889,025,000. The most recent
multi-year forecast assumed no change in the FY 1995-96 taxable values.
On a positive note, the appraised value of "New Construction" is $305,638,850, up 58%
from May of 1994, and the highest value for "New Construction" since 1990.
Attached is a schedule showing comparable numbers relative to the 1994 preliminary
values, the 1994 certified values, the current amended 1994 values and the preliminary
1995 values.
When the 1995 certified tax roll is received in July, additional information will be
presented to the City Council.
.--Bob Terrell
City Manager
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