HomeMy WebLinkAboutIR 8003 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. soon
�TeR� May 21, 1996
To the Mayor and Members of the City Council
},x Subject: 1996 ESTIMATE OF APPRAISED PROPERTY VALUES
Tarrant Appraisal District (TAD) has released its preliminary estimate of appraised
values for the 1996 tax year (the City's 1996-97 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$18,852,286,826 and a net
taxable value of $15,168,321,236. 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.
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 1996 property tax levy will be based. The anticipated taxable value for FY
1996-97 is$14,144,459,000 which is 3.68% above the current taxable value of
$13,642,686,000. The most recent multi-year forecast assumed no change in the FY 1996-
97 taxable values.
On a positive note, the appraised value of "New Construction" is $478,737,876, up 57%
from May 1995.
Attached is a schedule showing comparable numbers relative to the 1995 preliminary
values, the 1995 certified values, the current amended 1995 values and the preliminary
1.996 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 1996 certified tax roll is received in July, additional information will be
presented to City Council.
Bob Terrell OFFICIAL RECORD
-'
City Manager CITY SECRETARY
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