Friday, Jun. 27, 2008

TAD Valuations Reflect Growth

Barnett Shale, Economy Helps Boost Property

By Scott Price

Staff Writer

Despite a sluggish economy nationally, area cities and school districts are seeing increases in property valuations and continuing growth from new construction.

The Tarrant Appraisal District will release the certified numbers on July 25, but the numbers that have been released by TAD show good growth.

John Marshall, executive director/chief appraiser, said the growth has been good across Tarrant County. He said there has been strong commercial construction growth, and there has been steady housing construction growth.

However, there have been about 4,000 foreclosures this year, Marshall said. He said these foreclosures have been spread around the county so the effect, which could be decreased property values, has not been seen. He said property values are remaining steady or increasing.

"Most every place is seeing an increase," he said. "The Barnett Shale and other economic activity have kept the jobs churning."

The GCISD Board approved its annual budget without a tax rate increase. The tax rate just for GCISD is $1.29 per $100 of property valuation.

GCISD had a 5 percent increase in net taxable value.

Hank Johnson, GCISD chief financial officer, said school district officials were pleased with the growth in taxable property value, despite the fact that the state’s taxing system for school district makes it almost impossible to get new revenue from growth in property value.

"I think that’s great," he said. "Anytime you get that kind of growth on your tax roles is great, and we are probably outpacing the state and even the nation."

Colleyville officials said they plan to keep the tax rate the same. Colleyville’s tax rate is $0.3559 per $100 of assessed valuation.

Terry Leake, Colleyville Finance Department director, said Colleyville has had strong growth in both business and housing construction. Overall, Colleyville has seen an 8.9 percent growth in the net taxable value.

"In the Dallas-Fort Worth area the housing valuations are staying strong," Leake said.

This growth in property value allows cities to maintain their tax rate.

Grapevine saw a 4.1 percent increase in net taxable property valuation, but city officials have not decided if they will change the tax rate. Grapevine’s tax rate is $0.3625 per $100 of valuation for calendar year 2007.

Fred Werner, Grapevine Finance Department director, said he will be pleased if the tax valuations hold with the certified rolls that will be released on July 25. He said the $165.7 million in new construction is a boost to the city also.

"I am confident we will have a positive result, but I won’t know for sure until I have all the pieces of the puzzle," Werner said.

sprice@alliancenews.net 817-390-7700, ext. 106