KinoD, LLC (Property Owner) is the owner of the property described as Lot 10-3R, Block 4, Draughton Heights Addition, an Addition to the City of Fort Worth, Tarrant County, Texas, according to the Map or Plat recorded in Cabinet A, Slide 11312, Plat Records, Tarrant County, Texas, at 7340 Lowery Road, Fort Worth, Texas. The property is located within the Northeast 820/I-30 Neighborhood Empowerment Zone (NEZ).
The Property Owner plans to invest an estimated amount of $88,000.00 to construct a single-family dwelling of approximately 1,943 square feet (Project). The Project home will be sold for use as the primary residence of the owner.
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 include 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 August 2016 for the properties as follows: Pre-Improvement TAD Value of Improvements | $ 0.00 | Pre-Improvement Estimated Value of Land | $10,000.00 | Total Pre-Improvement Estimated Value | $10,000.00 |
The municipal property tax on the improved value of the Project after construction is estimated in the amount of $752.00 per year for a total amount of $3,760.00 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, the NEZ Tax Abatement Agreements may be assigned to a new owner's first mortgagee or a new owner as a primary residence. All other assignments must be approved by the City Council.
This property is located in COUNCIL DISTRICT 5, Mapsco 66Q. |