The Texas State Comptroller’s Office released the preliminary findings of its’ 2016 Property Value Study (PVS) on January 31, 2017, and all 21 Tarrant County school districts were found to be within the comptroller’s estimate of market value.
“We were informed by the Property Tax Assistance Division of the comptroller’s office that TAD’s 2016 property market values were valid,” said Jeff Law, Chief Appraiser of Tarrant Appraisal District. “As a result, these values will result in each school district receiving full state funding for public education.”
Texas funds public education through state and local funds. Local funding comes from property taxes. The study conducted by the Comptroller is used by the Commissioner of Education to equalize the distribution of education funds provided by the State. This gives school districts about the same number of dollars to spend per student, regardless of the district’s property wealth.
The Comptroller’s Property Tax Assistance Division conducts a study every two years to estimate a school district’s total taxable value, and to determine whether those values meet appropriate levels of accuracy.
The secondary purpose of the Property Value Study is to measure appraisal district performance by determining the accuracy and uniformity of property tax appraisals. These measures indicate whether appraisal districts have appraised properties at 100 percent market value – the legally required level.
“TAD is very pleased with the findings of the 2016 PVS,” said Randy Armstrong, Director of Residential at TAD. “This is very good news for our area schools and for TAD.”