The appraisal could result in a tax bill for the circuit of more than $7.8 million, including more than $4.4 million for the Del Valle school district, according to information recently posted on TCAD’s website. Austin and Travis County each could receive about $1.5 million in tax revenue from the track, which is southeast of Austin.
“Notices of appraised value have been mailed for the Circuit of the Americas," chief appraiser Marya Crigler wrote in an email sent to the American-Statesman on Wednesday. “The Circuit of the Americas is a unique and complex property to appraise, and the appraisal district engaged the services of Capitol Appraisal Group to assist in developing the appraisals."
Capitol Appraisal Group is an Austin-based firm that provides appraisal services to various government entities.
The appraisal for the circuit includes 20 parcels covering 1,303 acres, 515 of which qualified for agricultural or wildlife valuation. Appraisers determined the market value of the property to be $298 million. Circuit officials recently placed the cost of the project at anywhere from $400 million to as much as $450 million.
Said Crigler: “The cost approach (basis) does not include items such as cost to move pipelines, public road improvements and certain legal, advertising and consulting fees. Construction of the amphitheater was not complete as of January 1 and will be included in the 2014 appraisal."
The circuit, which includes a 3.4-mile track, also doubles as a concert venue and has a 250-foot observation tower. The Statesman