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Date:   1/22/2004                        COMPTROLLER OF PUBLIC ACCOUNTS - PROPERTY TAX DIVISION                         Page:      1
Time:     16:05                                      2003 Property Value Study                                          Rpt: VAL7000
                                                     Confidence Interval Detail
                                                        170-903-170 Montgomery

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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        387,199,086     .9234     419,318,915       15
  2      A  - Single-family Residences        387,362,117    1.0031     386,165,005       16
  3      A  - Single-family Residences        387,362,117     .9765     396,684,196       16
  4      A  - Single-family Residences        386,873,023     .9288     416,529,956       16
  5      C  - Vacant Lots                      48,241,093    1.2232      39,438,434        8
  6      C  - Vacant Lots                      48,078,938    1.0086      47,668,985       11
  7      C  - Vacant Lots                      48,342,440     .9397      51,444,546       12
  8      C  - Vacant Lots                      47,876,244    1.0405      46,012,728       14

Random Totals:                              1,741,335,058             1,803,262,765      108
 Cat J Exception Values:                                0                         0
 Cat D1 Exception Values:                      16,753,366                15,360,558
 Other Exception Values:                                0                         0
Exception Totals(3):                           16,753,366                15,360,558
Test Values(4):                             1,758,088,424             1,818,623,323

Margin of Error Percent:                                    5.0000000
Margin of Error Value:                                     90,931,166
Confidence Interval Values:
  State Lower Limit:                                    1,727,692,157  (State Test Value Minus Margin of Error Value)
  Local Test Value:                                     1,758,088,424  (Within Confidence Interval Limits)
  State Upper Limit:                                    1,909,554,489  (State Test Value Plus Margin of Error Value)
Value Assigned (5):                                     1,844,037,111  (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.