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Date:   1/22/2004                        COMPTROLLER OF PUBLIC ACCOUNTS - PROPERTY TAX DIVISION                         Page:      1
Time:     16:33                                      2003 Property Value Study                                          Rpt: VAL7000
                                                     Confidence Interval Detail
                                                        204-904-204 Shepherd

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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         22,064,444    1.0999      20,060,409        7
  2      A  - Single-family Residences         22,008,819     .9086      24,222,781        9
  3      A  - Single-family Residences         21,999,549     .8760      25,113,640        7
  4      A  - Single-family Residences         22,008,819     .9171      23,998,276        5
  5      C  - Vacant Lots                       3,559,158    1.0069       3,534,768        9
  6      C  - Vacant Lots                       3,557,636     .9410       3,780,697        7
  7      C  - Vacant Lots                       4,475,196     .8744       5,118,019        8
  8      C  - Vacant Lots                       2,637,033     .9060       2,910,632        7
  9      D  - Rural Real                       20,858,690     .8887      23,471,014       10
 10      F  - Commercial Real                   2,661,637     .9841       2,704,641        9
 11      F  - Commercial Real                   2,954,001     .9618       3,071,326        8
 12      F  - Commercial Real                   3,021,470    1.1830       2,554,074        3

Random Totals:                                131,806,452               140,540,277       89
 Cat J Exception Values:                       13,164,226                13,392,891
 Cat D1 Exception Values:                      10,521,940                 8,925,088
 Other Exception Values:                        1,000,430                   832,791
Exception Totals(3):                           24,686,596                23,150,770
Test Values(4):                               156,493,048               163,691,047

Margin of Error Percent:                                    5.0000000
Margin of Error Value:                                      8,184,552
Confidence Interval Values:
  State Lower Limit:                                      155,506,495  (State Test Value Minus Margin of Error Value)
  Local Test Value:                                       156,493,048  (Within Confidence Interval Limits)
  State Upper Limit:                                      171,875,599  (State Test Value Plus Margin of Error Value)
Value Assigned (5):                                       153,655,414  (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.