Linda Riojas, (Property Owner) is the owner of the property described as A tract of land out of the A. McLemore Survey, Abstract No. 1056, Tarrant County Texas, 515 Hudgins Avenue, Fort Worth, Texas. The property is located within the Six Points Neighborhood Empowerment Zone (NEZ). The Property Owner plans to invest an estimated $46,000.00 to rehabilitate an approximately 888 square foot single-family residence (Project). The Project will be used as the Property Owner's primary residence.
The Neighborhood Services Department reviewed the application and certified that the Property Owner and Project met the eligibility criteria to receive a NEZ municipal property tax abatement. The NEZ Basic Incentives includes a five-year municipal property tax abatement on the increased value of improvements to the qualified owner of any new construction or rehabilitation within the NEZ.
Upon execution of the Agreement, the total assessed value of the improvements used for calculating municipal property tax will be frozen for a period of five years starting January 2017 at the estimated pre-improvement value, as defined by the Tarrant Appraisal District (TAD) in 2016, for the property as follows: Pre-Improvement TAD Value of Improvements | $15,000.00 | Pre-Improvement Estimated Value of Land | $35,012.00 | Total Pre-Improvement Estimated Value | $50,012.00 |
The municipal property tax on the improved value of Project after construction is estimated at $393.00 per year for a total of $1,965.00 over the five-year period. However, this estimate may differ from the actual tax abatement value, which will be calculated based on the Tarrant Appraisal District appraised value of the property.
In the event of a sale of this property, the NEZ Tax Abatement Agreement may be assigned to a new owner's first mortgagee or a new homeowner as a primary residence. All other assignments must be approved by the City Council.
This property is located in COUNCIL DISTRICT 4, Mapsco TAR-63R.
This M&C does not request approval of a contract with a business entity. |