2011 Valuation

Harris County Appraisal District April 28, 2011

Foreclosure Activity
‡ Texas - 82,823 home foreclosures
± $149,425 Average Foreclosure Sales Price

‡ Harris County 47,652 foreclosure homes in 2010, almost 16 percent increase over 2009
± $136,027 Average Foreclosure Sales Price

‡ January 2011 activity represents a nearly 41 percent decline from January 2010
± A 32.6 percent decrease from properties foreclosed on in December 2010

Harris County Geographical Comparison of Foreclosure Filings

Foreclosure Sales Count

Source: RealtyTrac

2011 Parcel Creations

NOTES: 1. Minimum parcels to be created per sum of Lots and Reserves shown on recorded plats and number of Units to be created from condominium declarations. 2. Number does not reflect street and right-of-way dedication parcels. 3. Data information is current as of Jan. 11, 2011 for instruments recorded up to Dec. 30, 2010.

Subdivision/Condo Recordings

NOTES: 1. Plat/Instrument totals for each year were filed and recorded the previous calendar year. 2. 2011 count reflects instruments recorded up to December 30, 2010.

2011 Residential Valuation
‡ The majority of values will remain flat, with some decreases expected county-wide
± Predominant foreclosure markets will continue to see significant decreases, especially in the low-end to $100K market (north and southeast areas hit the hardest) ± The $500K and over market has shown an uptick in home pricing; a few areas that were flat or decreased in 2010 will see appraised value increases for 2011

Harris County Residential Noticed Parcels
(as of April 25)
Noticed Parcels 990,170 % of Parcels Noticed 96.1%

MARKET VALUE
Unchanged Parcels % Decreased Parcels % Increased Parcels %

Capped Parcels Parcels %

731,717 73.9% 191,780 19.4%

66,673 6.7% 29,910 3.0% Market Increased without New Construction Parcels 17,818 Percent 26.7%

Market Unchanged Appraised Increased Parcels 25,753 Percent 3.5%

Market Decreased Appraised Increased Parcels 1,662 Percent 0.8%

Market Increased with New Construction Parcels 48,855 Percent 73.3%

* Includes capped and non-capped parcels

HOUSTON/HARRIS COUNTY APARTMENT VALUATION

Apartments
‡ Have begun to rebound after experiencing one of their weakest years in recent history
± First property to recover due to short-term leases

‡ Investment activity has seen an upswing in 2010
± Strong pricing has emerged as limited amounts of investor grade assets are being offered

‡ Sudden halt of new construction since late 2008 and increase in renters created positive absorption during 2010 and is expected to continue for 2011

HOUSTON/HARRIS COUNTY COMMERCIAL VALUATION

Commercial Real Property Valuation
‡ Positive trends contributing to a general stabilization in property values:
± Increase in 2010 sales dollar volume and leasing activity ± Decreased vacancies ± Stabilization of rental rates ± Improved lower capitalization rates

HOUSTON/HARRIS COUNTY VACANT LAND VALUATION

Vacant Land
‡ Land sales decreased from 1,284 in 2009 to 1,001 sales in 2010
‡ Includes foreclosures and auction purchases

‡ Investors are challenged in finding quality land tracts due to higher prices in active areas
± Sales activity is biased towards Houston s Inner Loop, West Houston, and Cy-Fair/Tomball submarkets.

HOUSTON/HARRIS COUNTY INDUSTRIAL VALUATION

Refineries
‡ Some improvement in demand for oil and petroleum products worldwide in 2010 compared to 2009
± World oil use is up 2.3 percent from last summer

‡ Price of oil increased throughout 2010 ‡ Increased product margins for refiners in U.S.
± Trucking and rail shipment activity has strengthened ± Natural gas prices remain relatively low

‡ Industry utilization increased from an average of 83 percent in 2009 to 90 percent in 2010

Refineries: 2011 Valuation
‡ It is anticipated that refinery values and inventories will be the same or slightly higher in 2011 relative to 2010

Chemicals
‡ Dismal outlook as the economy stays depressed ‡ However, some positive signs as a result of plant shutdowns have allowed remaining producers to increase their production ‡ Chemical-related inventory volumes should be near the levels they were on January 1, 2010, but prices should be up slightly over last year. ‡ Value changes for chemicals facilities look to be flat coming into 2011

Utilities
‡ Gas, Electric and Telephone utility values are down as a result of the lack of new residential growth ‡ Cable companies are looking at a decrease in value due to limited investment and depreciation of their current assets ‡ The futures of cable and telephone companies are unstable due to intense competition in their market ‡ Ability for these industries to provide phone, television, and Internet has led to a very challenging economic environment for both industries ‡ Telecommunications will continue to get less expensive as technology advances

HOUSTON/HARRIS COUNTY BUSINESS PERSONAL PROPERTY VALUATION

Retail
‡ Houston s retail market experienced a slight improvement in market conditions in 4th Qtr 2010

Business Personal Property
‡ Overall, personal property tax base declined approximately 3.72 percent for tax year 2010 ‡ Tax base is likely to be flat or slightly less in 2011 than in 2010

Taxing Jurisdiction Estimates

Harris County
2011 Certified Estimate of Taxable Value
($$$ BILLIONS $$$)

(As of April 28, 2011)
Roll Data: March 25, 2011

Residential & Rural Improved Apartments Commercial Vacant Land Industrial Real Utility Commercial Personal Industrial Personal Other

2010 2011 Tax Base Tax Base $117.250 $116.498 $18.036 $17.876 $60.529 $61.822 $9.878 $9.425 $14.745 $14.380 $4.389 $4.291 $23.911 $22.910 $23.686 $22.263 $0.700 $0.724 2010 Roll Value $273.125 2011 Net Total $270.187

Overall Change -0.0064 -0.0088 0.0214 -0.0459 -0.0248 -0.0225 -0.0419 -0.0601 0.0336 Net Change -0.0108

Harris County and College Districts
2011 Estimate of Taxable Value Summary
Projected 2011 Taxable Value Harris County 270,187,323,975 Lone Star Col System District 86,697,323,050 Lee Jr College District 5,257,453,076 San Jacinto Community Col Dist 35,526,948,116 Houston Community College 119,937,560,828 Jurisdiction Overall Change -0.0108 -0.0028 -0.0399 -0.0353 -0.0068 2010 Taxable Value 273,124,926,319 86,938,311,838 5,475,876,243 36,828,208,388 120,757,768,967

School Districts
2011 Certified Estimate of Taxable Value Summary
Jurisdiction Houston ISD Deer Park ISD Waller ISD Cypress-Fairbanks Crosby ISD Channelview ISD New Caney ISD Alief ISD Aldine ISD North Forest ISD Galena Park ISD Goose Creek CISD Klein ISD Projected 2011 Overall 2010 Taxable Taxable Value Change Value 103,970,026,590 -0.0087 104,886,570,864 6,454,298,895 -0.0370 6,702,517,183 708,420,887 -0.0446 741,460,379 31,120,976,690 -0.0021 31,185,340,296 1,334,127,345 0.0119 1,318,390,659 2,162,851,552 -0.0504 2,277,651,121 55,006,914 -0.0145 55,816,118 10,483,849,455 -0.0202 10,699,457,301 12,704,317,406 -0.0171 12,924,910,830 1,473,735,594 -0.0385 1,532,815,581 5,365,293,550 -0.0250 5,502,602,225 5,360,626,097 -0.0392 5,579,490,444 12,723,961,866 -0.0032 12,764,369,254

School Districts (cont d)
2011 Certified Estimate of Taxable Value Summary
Jurisdiction Humble ISD Katy ISD La Porte ISD Pasadena ISD Sheldon ISD Spring ISD Spring Branch ISD Tomball ISD Clear Creek ISD Dayton ISD Pearland ISD Huffman ISD Stafford ISD Projected 2011 Taxable Value 10,605,585,769 11,955,528,958 5,642,915,149 9,452,924,843 3,868,887,874 7,099,802,634 18,499,344,469 4,909,555,802 10,351,941,050 1,765,276 124,791,537 809,744,066 6,204,018 Overall Change 0.0029 0.0018 -0.0289 -0.0247 -0.0367 -0.0314 0.0160 0.0301 0.0049 0.0633 -0.0085 0.0048 -0.0396 2010 Taxable Value 10,574,431,154 11,933,746,823 5,811,028,391 9,692,440,631 4,016,251,170 7,329,740,265 18,208,292,311 4,765,922,076 10,301,180,744 1,660,177 125,858,150 805,878,987 6,460,007

Cities
2011 Certified Estimate of Taxable Value Summary
Jurisdiction City of Baytown City of Bellaire Bunker Hill Village City of Deer Park Hedwig Village City of El Lago City of Galena Park City of Friendswood City of Pearland Hilshire Village City of Houston City of Humble City of Katy Projected 2011 Taxable Value 2,219,717,480 3,198,512,240 1,351,463,408 1,748,832,765 661,918,787 183,123,013 341,171,431 483,654,085 427,292,753 127,106,385 140,763,010,179 1,237,133,377 513,901,948 Overall 2010 Taxable Change Value -0.0173 2,258,730,369 -0.0063 3,218,782,354 0.0243 1,319,398,390 0.0048 1,740,542,710 0.0238 646,530,038 -0.0266 188,125,162 -0.0343 353,293,350 -0.0104 488,735,141 0.0138 421,494,274 0.0520 120,823,514 -0.0121 142,483,815,524 0.0154 1,218,413,574 -0.0139 521,126,321

Cities (cont d)
2011 Certified Estimate of Taxable Value Summary
Jurisdiction City of Missouri City Hunters Creek Village City of Jacinto City City of League City Jersey Village City of La Porte City of Morgans Point City of Nassau Bay City of Pasadena Piney Point Village City of Seabrook City of Shoreacres City of South Houston Projected 2011 Taxable Value 194,693,398 1,860,351,224 343,639,892 80,808,172 826,292,884 2,184,205,654 164,887,349 449,279,525 5,588,643,084 1,703,511,108 820,065,131 96,232,729 487,489,433 Overall Change -0.0177 0.0257 0.0130 0.0739 -0.0048 -0.0221 -0.0306 0.0152 -0.0101 0.0130 -0.0295 0.0054 0.0044 2010 Taxable Value 198,198,366 1,813,697,288 339,244,207 75,249,055 830,303,009 2,233,674,635 170,097,288 442,541,572 5,645,723,566 1,681,693,112 845,001,119 95,715,595 485,341,758

Cities (cont d)
2011 Certified Estimate of Taxable Value Summary
Jurisdiction City of Southside Place City of Spring Valley Taylor Lake Village City of Tomball City of Webster West University Place City of Waller Projected 2011 Overall Taxable Value Change 506,724,588 0.0011 686,638,057 0.0431 344,884,169 0.0069 1,105,166,876 -0.0172 1,316,666,853 -0.0138 4,010,355,144 -0.0175 51,469,349 -0.0053 2010 Taxable Value 506,157,239 658,251,773 342,525,181 1,124,525,349 1,335,066,087 4,081,853,040 51,745,032

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