Jose Pozos (Property Owner) is the owner of the property described as Lot 7, Block 16, Sunrise Addition, an addition to the City of Fort Worth, Tarrant County, Texas, according to the Plat recorded in Volume 1634, Page 558, Deed Records, Tarrant County, Texas, at 5109 Turner Street, Fort Worth, Texas. The property is located within the Stop Six Neighborhood Empowerment Zone (NEZ).
The Property Owner plans to invest an estimated amount of $170,000.00 to construct an approximately 2,724 square foot single-family residence (Project). The Project will be used as the homeowner'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 2019 at the estimated pre-improvement value as defined by the Tarrant Appraisal District (TAD) in August 2018 for the property as follows:
Pre-Improvement TAD Value of Improvements
Pre-Improvement Estimated Value of Land
Total Pre-Improvement Estimated Value
The municipal property tax on the improved value of the Project after construction is estimated in the amount of $1,369.00 per year for a total amount of $6,843.00 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 Tax Abatement Agreement may be assigned to a new owner's first mortgage 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.
This M&C does not request approval of a contract with a business entity.