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• <br />Mr. Larry Broussard, <br />City of La Porte <br />P. O. Box 1115 <br />La Porte, Texas 77571 <br />September 2, 1976 <br />• <br />Dear Mr. Broussard: <br />BIGG5, LANDRUM & ASSOCIATES <br />VALUATION ENGINEERS <br />1320 SOUTH LOOP WEST, SUITE 1H <br />PHONE 748-2801 - 2809 <br />HOUSTON, TEXAS 77054 <br />Tax Assessor-Collector <br />Earlier this year, we gave you an estimate of $146.,130,400 as the total <br />assessed value for 1976 taxes by the City of La Porte. At a tax rate <br />of 92/$100 assessment, this would have generated $1,344,400 in taxes. <br />We also estimated that the City would receive $600,000 from Industrial <br />District "in-lieu" payments for a total of $1,944,400 from ad valorem <br />taxes, neglecting the over 65 and Veteran exemptions. As you pointed <br />out in your telephone conversation yesterday, the 1976 total assessment <br />was $128,240,304, or almost $18,000,000 short of our earlier estimate <br />of assessment. <br />Actually, the total revenue for the City from 1976 taxes, and "in-lieu" <br />payments will exceed our original estimate by more than $100,000. <br />What happened was that I was thinking that our Industrial District contracts <br />called for additional annexation in 1976, and consequently, increased <br />assessments. However, it was brought to my attention that the contracts <br />do not call for additional annexation, but a h~,gh~r "in-lieu" payment <br />as if the annexation had actually taken place. I did not think of the <br />affect this might have on a bond issue, because I realized that the income <br />would be more than anticipated, and this was my main concern. <br />I am sorry for any inconvenience this may have caused you. Please let me <br />know if there is anything further I can do to rectify the matter. <br />Sincerely, <br />HLL:rtb <br />cc: <br />Mayor J. J. Meza <br />City of La Porte <br />P. O. Box 1115 <br />La Porte, Texas 77571 <br />~~ ~~ <br />HUG~L. LANDRUM,P.E~ <br />