HomeMy WebLinkAboutIR 8131 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 8131
May 19, 1998
r To the Mayor and Members of the City Council
'•x Subject. 1998 ESTIMATE OF APPRAISED PROPERTY VALUES
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Tarrant Appraisal District (TAD) has released its preliminary estimate of appraised
values for the 1998 tax year (the City's 1998-99 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 $20,808,804,000 and a net
taxable value of $16,884,754,000. 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.
Staff estimates a 5.0% 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 1998 property tax levy will be based. The anticipated taxable value for FY
1998-99 is $16,040,516,000 which is 4.73% above the current taxable value of
$15,315,963,000.
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Attached is a schedule showing comparable numbers relative to the 1997 preliminary
values, the 1997 certified values, the current amended 1997 values and the preliminary
1998 values.
When the 1998 certified tax roll is received in July, additional information will be
presented to City Council.
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Bob Terrell
City Manager
Attachment
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