HomeMy WebLinkAboutIR 8072 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 8072
G,,p, May 20, 1997
To the Mayor and Members of the City Council
` oo � Subject: 1997 ESTIMATE OF APPRAISED PROPERTY VALUES
1873
Tarrant Appraisal District (TAD) has released its preliminary estimate of appraised
values for the 1997 tax year (the City's 1997-98 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 $19,493,877,396 and a net
taxable value of $15,667,601,828. The net taxable value does not include the value for
those properties whose values are being protested b\ the property owner, TAD is still
mailing value notices; therefore, many protests have yet to be filed with the Appraisal
Review Board.
Staff estimates a 6.75% reduction to preliminary estimates prior to the certified values
being released in July. This factor has been used to forecast the appraised values upon
which the 1997 property tax levy will be based. The anticipated taxable value for FY
1997-98 is $14,644,285,000 which is 1.79% above the September 1996 taxable value of
$14,386,822,000.
The appraised value of "New Construction" is $480,01.7,922 up 0.27% from May 1996.
Attached is a schedule showing comparable numbers relative to the 1996 preliminary
values, the 1996 certified values, and the preliminary 1997 values. The revenue
projections reflected in the attachment are very conservative and likely represent a worst
case scenario given the information we have at this point in the process.
When the 1997 certified tax roll is received in July, additional information will be
presented to City Council.
0�1� R - a,,—,
Bob Terrell
City Manager
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