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.