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Date:   6/27/2004                        COMPTROLLER OF PUBLIC ACCOUNTS - PROPERTY TAX DIVISION                         Page:      1
Time:     21:35                                      2003 Property Value Study                                          Rpt: VAL7000
                                                     Confidence Interval Detail
                                                        237-905-237 Royal

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                                                              (1)                         (2)
  (1)                  (1)                        (1)       Stratum         (1)         Sample
Stratum              Category                 Local Value    Ratio      State Value      Size
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  1      A  - Single-family Residences         22,892,541     .9663      23,690,925       15
  2      A  - Single-family Residences         22,834,805     .9152      24,950,617       18
  3      A  - Single-family Residences         22,844,427    1.0072      22,681,123       20
  4      A  - Single-family Residences         22,844,427    1.0945      20,872,021       15
  5      D  - Rural Real                       82,683,830    1.0276      80,463,050       28
  6      F  - Commercial Real                   6,090,007     .8882       6,856,572       10
  7      F  - Commercial Real                   6,192,145    1.0104       6,128,410        6
  8      F  - Commercial Real                   6,069,579     .9713       6,248,923        7
  9      F  - Commercial Real                   5,893,390     .9543       6,175,616        4
 10      G  - Oil, Gas, Minerals               18,132,346     .9527      19,032,587       12

Random Totals:                                216,477,497               217,099,844      135
 Cat J Exception Values:                        6,464,023                 7,197,919
 Cat D1 Exception Values:                      12,579,620                11,170,876
 Other Exception Values:                        5,242,564                 5,964,789
Exception Totals(3):                           24,286,207                24,333,584
Test Values(4):                               240,763,704               241,433,428

Margin of Error Percent:                                    5.0000000
Margin of Error Value:                                     12,071,671
Confidence Interval Values:
  State Lower Limit:                                      229,361,757  (State Test Value Minus Margin of Error Value)
  Local Test Value:                                       240,763,704  (Within Confidence Interval Limits)
  State Upper Limit:                                      253,505,099  (State Test Value Plus Margin of Error Value)
Value Assigned (5):                                       360,379,444  (See ISD Summary Worksheet)


Sources:

(1) See Stratified Ratio Detail Report VAL7214.
(2) Number of parcels sampled by staff.
(3) Exception value includes, if tested, D1, the J sample, and any parcels in A,B,C,D,F1,G or L1 marked as exception properties.
(4) Unstudied categories and sub-categories were not included in the test values.
(5) Includes local value of unstudied property categories and sub-categories.