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TIRZ No. 2 accepts annual report showing zero taxable increment for fiscal 2425
Summary
Flower Mound’s TIRZ No. 2 accepted its fiscal year 2425 annual report; staff said an approximate $5.2 million decline in assessed value—driven by two properties—resulted in no taxable increment to report for 2425.
Town staff presented the TIRZ No. 2 annual report for fiscal year 2425 and the board unanimously accepted the report after brief discussion.
Lee Rodriguez told the board that as part of the annual process the town files the report with the Denton County comptroller and shares it with TIRZ boards. Staff said base-year values were established at about $32.2 million for the town and $32.9 million for the county. For fiscal 2425, staff reported an overall decrease in assessed values of approximately $5.2 million driven primarily by two parcels: a public storage facility that appeared to have lowered appraised value after owner protests or valuation comparisons, and a parcel owned by Encore Electric that the town said transitioned into a TIRZ area, reducing taxable value available to the town.
"So that's ultimately what will make up the annual report for the TIRZ 2... there is just 0 increment to report in 2425 within the TIRZ 2," Rodriguez said, summarizing the report’s conclusion.
A board member asked whether the $5.2 million decline must be regained before the TIRZ can collect increment; Rodriguez confirmed that the tax base must climb back past the established base-year level before increment is recognized and deposited into the fund. Staff said timing depends on when new development occurs and that they did not recommend remaking forecasts at this time. Another committee member noted some early indicators of a rebound on a parcel but gave no firm timetable.
A member moved to approve Item E2 (the annual report); after a second the clerk took the roll and the board approved the report by unanimous vote.
The board’s acceptance records the town’s filing and does not itself change base-year values; staff will continue to monitor assessed values and report increments to the comptroller when they occur.
