This measure fell short of the 31% target set before the annexation. The City's valuation mix is well-balanced with 30% of the total valuation in commercial property. The ability of the City to maintain a good balance between residential and commercial valuation helps reduce the property tax burden for residents.

Due to annexation of Greatwood and New Territory, we saw commercial assessed valuation decline as a percentage of total value compared to prior years, though it is important to note that the annexation did provide a positive economic impact to the City as it averaged up the City's value per acre due to the strong property values in the annexed areas. The decline in commercial valuation as a percentage of the total is due to the fact that both Greatwood and New Territory have high residential land uses of more than 90% of their existing tax roll. 

To account for this, the FY 2018 estimated target was set to 31% based on 2017 tax roll. Moving forward into FY 2019, the target will be updated to 30% based on the results from 2018. 

The result for FY 2019 will be updated in October. The City's strategic use of the homestead exemption in the FY 2020 budget has resulted in a rebalancing of the tax burden, as the FY 2019 results will show that the Commercial Assessed Value will be over 31% for the 2019 Tax Year.