smith county - public hearing
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Smith County - Public Hearing. TRZ Description & Boundary. Based initially from 1-mile off centerline for Toll 49 alignment Included all GIS parcels for TRZ boundary if the center of the parcel was within the TRZ buffer boundary - PowerPoint PPT PresentationTRANSCRIPT
Smith County - Public HearingTRZ Description & Boundary• Based initially from 1-mile off centerline for Toll 49 alignment
• Included all GIS parcels for TRZ boundary if the center of the parcel was within the TRZ buffer boundary
• Identified properties likely owned by public sector and nontaxable
• Adjusted boundary to include / exclude parcels
• Approximately 11,600 parcels and 69,400 acres
• TRZ parcels were allocated into three broad categories– Identified (11,300 parcels and 66,400 acres)
– Non Taxable / Exempt (270 parcels and 2,600 acres)
– Unidentified (50 parcels and 360 acres)
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Smith County - Public HearingTRZ Boundary “Buffer”
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Smith County - Public HearingTRZ Boundary & Parcels
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Smith County - Public HearingTRZ Taxable Value – Smith County Appraisal District
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Land Use Category Acreage Polygon CountTaxable Value
($ Millions)
Single-Family Residential 5,212 6,208 $835.78
Multi-Family Residential 112 184 $35.98
Vacant 2,025 1,601 $28.95
Ag/Farm Land 32,957 1,779 $85.48
Commercial 842 220 $71.72
Exempt 2,587 285 $0.00
Other* 25,266 1,285 $10.66
Unidentified 358 50 $0.00
Grand Total 69,358 11,612 $1,068.58
*The Other land use category incudes utilities, mobile homes, residential inventory, and parcels that matched but the land use data was missing from the appraisal database.
Smith County - Public HearingTRZ Boundary & Parcels by Land Use (2013)
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Smith County - Public HearingTRZ Revenue Forecast Assumptions
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• Assumed 25 year forecast period
• Allocated 50% of tax revenue to the TRZ
• Two tax rates were applied for the forecast period:– Constant 2012 tax rate ($0.323564 per $100 valuation)
– Tax rate based on 20 year historic trend
• Used a 5.0 percent discount rate as part of the net present value calculation
• Developed three major growth scenarios for TRZ– Scenario 1 represents the baseline forecast.
– Scenario 2 assumes Toll 49 is built over the next 5 to 10 years.
– Scenario 3 is consistent with the growth of the study area as whole between 1990 and 2010.
Smith County - Public HearingTRZ Revenue Forecast by Scenario @ 50% Allocation
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Scenario 1 Scenario 2 Scenario 3
Constant Tax Rate
Nominal $30,834,334 $35,934,564 $40,915,139
NPV @ 5% $12,851,925 $14,906,549 $16,901,114
• Over 25 years at a constant tax rate, the TRZ is projected to generate between $30.8M and $40.9M
• Using a discount rate of 5 percent, the TRZ is projected to generate between $12.9M and $16.9M over this same period.