City's appraised property values fall
This week the city received its 2013 estimated appraised property values which reflected a drop in the total appraised property values within the city that could reflect a loss of over $16,000 in property tax revenue for the coming fiscal year.
The Wichita Appraisal District has estimated the adjusted net value of properties in Iowa Park to be $177,774,583 which is approximately two million two hundred thousand dollars less than the value for 2012.
The city will see an increase for 2013 in the amount of tax revenue realized from properties whose tax rate and/or property value has been frozen; an additional $6,000 is estimated to be received this coming fiscal year from properties whose owners are sixty-five years of age and older or who are disabled.
The increase in tax revenue from properties whose tax is frozen comes from either someone who qualifies adding additional square footage on their property, or more properties qualified for the freeze under the age or disability requirement and were added.