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Date:   1/22/2004                        COMPTROLLER OF PUBLIC ACCOUNTS - PROPERTY TAX DIVISION                         Page:      1
Time:     15:55                                      2003 Property Value Study                                          Rpt: VAL7000
                                                     Confidence Interval Detail
                                                        161-914-161 Waco

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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        368,186,201    1.0184     361,533,976       56
  2      A  - Single-family Residences        368,186,201     .9606     383,287,738       59
  3      A  - Single-family Residences        368,186,201     .9932     370,707,009       59
  4      A  - Single-family Residences        368,186,201     .9435     390,234,447       58
  5      B  - Multi-family Residences          60,102,037     .8229      73,036,866       10
  6      B  - Multi-family Residences          61,342,037    1.0395      59,011,099        9
  7      B  - Multi-family Residences          60,102,037     .9715      61,865,195        8
  8      B  - Multi-family Residences          58,862,037     .9838      59,831,304        5
  9      F  - Commercial Real                 179,957,903    1.0620     169,451,886       22
 10      F  - Commercial Real                 180,791,393    1.0105     178,912,809        9
 11      F  - Commercial Real                 180,639,849     .9034     199,955,556        6
 12      F  - Commercial Real                 178,518,240     .9947     179,469,428        9
 13      L  - Commercial Personal             106,372,519     .9942     106,993,079        6
 14      L  - Commercial Personal             106,193,666    1.1238      94,495,165        8
 15      L  - Commercial Personal             108,652,888    1.0302     105,467,762        7
 16      L  - Commercial Personal             103,600,305    1.0674      97,058,558        5

Random Totals:                              2,857,879,715             2,891,311,877      336
 Cat J Exception Values:                                0                         0
 Cat D1 Exception Values:                       1,067,635                 1,232,099
 Other Exception Values:                                0                         0
Exception Totals(3):                            1,067,635                 1,232,099
Test Values(4):                             2,858,947,350             2,892,543,976

Margin of Error Percent:                                    5.0000000
Margin of Error Value:                                    144,627,199
Confidence Interval Values:
  State Lower Limit:                                    2,747,916,777  (State Test Value Minus Margin of Error Value)
  Local Test Value:                                     2,858,947,350  (Within Confidence Interval Limits)
  State Upper Limit:                                    3,037,171,175  (State Test Value Plus Margin of Error Value)
Value Assigned (5):                                     2,789,093,965  (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.