HomeMy WebLinkAboutIR 8237 INFORMAL REPORT TO CITY COUNCIL MEMBERS NO. 8237
March 28, 2000
t &"IT�a To the Mayor and Members of the City Council
Page 2 of 4
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SUBJECT: AD VALOREM TAX EXEMPTION POLICIES AND PRACTICES
organizations. The organizations are receiving a total tax exemption based on another area of tax law and
no longer require City Council approval.)
A comparison of various tax exemptions in selected Texas cities is outlined below:
RESIDENCE HOMESTEAD EXEMPTIONS
Freeport Transitional
General Sr. Citizen Disabled Exemption Housing
Arlington 20% $50,000 $50,000 no yes
Austin none $51,000 $51,000 yes no
Dallas 20% $64,000 $64,000 yes no
El Paso $1.5,000 $15,000 $25,000 yes no
Fort Worth 20% $40,000 $40,000 yes yes
Houston 20% $34,006 $34,006 no no
<' San Antonio none $60,000 none yes yes
The average value of a single-family residence in Fort Worth is $61,415 for the 1999 tax year. Since the 1999
tax rate is $0.885/$100 value, the impact the various optional exemptions have on property with an average
value, as well as property of greater and lesser values, is listed below:
1999 City Taxes on a House with a Value of
Exemptio $61,415 $30,000 $80,000
No exemption $543.52 $265.50 $708.00
General homestead 434.82 212.40 566.40
Sr. Citizen w/general homestead 80.82 -0- 212.40
Disabled homestead* 80.82 -0- 212.40
*Homeowner cannot claim both Senior Citizen and Disabled exemption.
The amounts of assessed value and tax revenue lost due to exemptions are presented on the following tables:
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 8237
March 28, 2000
d►o ► To the Mayor and Members of the City Council
Page 3 of 4
rata
SUBJECT: AD VALOREM TAX EXEMPTION POLICIES AND PRACTICES
ASSESSED VALUE LOST TO EXEMPTIONS
FY 1998-99 FY 1999-00
Total assessed value: $20,632,558,042 $22,095,655,060
Value lost to exemptions:
general residence homestead 1,170,659,182 1,260,702,624
senior citizen homestead 715,393,740 743,044,304
agriculture 326,210,603 357,173,988
freeport goods 1,233,368,569 1,199,492,810
disabled residence homestead 52,091,585 52,454,813
scenic land 5,479,695 5,124,103
disabled veterans 29,606,334 28,840,787
historic sites 17,967,876 25,787,188
solar/wind energy devices 13,886 13,886
abatements 363,814,948 426,858,253
Pollution control devices 2,293,313 6,204,821
foreign trade zone 113,961,674 200,664,509
prorated absolute 20,720,696 3,992,694
personal property nominal value 196,567 171,576
Total value lost to exemptions 14.0778�668 4,310,526,356
Net assessed value (as of September) $16,580,779,374 $17,785,128,704
REVENUE LOST TO EXEMPTIONS
FY 1998-99 FY 1999-2000
General residence homestead* $10,506,666 $11,157,218
Senior citizen homestead* 6,420,659 6,575,942
Agriculture 2,927,740 3,160,990
Freeport goods 11,069,483 10,615,511
Disabled residence homestead* 467,522 464,225
Scenic land 49,180 45,348
Disabled veterans 265,717 255,241
Historic sites* 161,262 228,217
Solar/wind energy devices 125 123
Abatements* 3,265,239 3,777,696
Pollution control devices 20,582 54,913
Foreign trade zone 1,022,806 1,775,881
Prorated absolute 185,968 35,335
Personal property nominal value — 1,764 1,518
Total revenue lost to exemptions $36,364,713 $38,148,158
*Discretionary
ISSUED BY THE CITY MANAGER FORT WORTH, "TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 8237
tEe�O
ow soar To the Mayor and Members of the City Council
March 28, 2000
Page 4 of 4
1073 A Subject: AD VALOREM TAX EXEMPTION POLICIES AND PRACTICES
Property owners have until April 30`h to apply for the various property tax exemptions currently
offered by the City for the 2000 tax year.
The last day the City Council may change the various local option homestead exemptions in order to
impact the FY 2000-01 budget is April 30, 2000. Staff is available to provide additional information if
the City Council should require it.
Bab Terrell
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH,TEXAS