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 1/22/04                               COMPTROLLER OF PUBLIC ACCOUNTS - PROPERTY TAX DIVISION                            Page:     1
16:39:06                                             2003 PROPERTY VALUE STUDY                                              LS0010P
                                                         INDEX CALCULATIONS
                                              APPRAISAL DISTRICT:  211  Sherman

-----------------------------------------------------------------------------------------------------------------------------------
                                                 <--------- REPORTED VALUE ------------->          INDEX          PTD ADJUSTED
        SCHOOL DISTRICT                          ACRES          PRODUCTIVITY       $/ACRE          FACTOR         $/ACRE
-----------------------------------------------------------------------------------------------------------------------------------

IRRIGATED CROPLAND  -  PTD VALUE:        164.40

        211-901    Texhoma                           31,766           7,866,910        247.65         1.0003         164.45
        211-902    Stratford                        116,546          28,852,670        247.56          .9999         164.38
                                                  ---------      --------------     ---------
      ** CAD TOTALS                                 148,312          36,719,580        247.58

DRY CROPLAND        -  PTD VALUE:        146.50

        211-901    Texhoma                           39,520           4,627,240        117.09         1.0000         146.50
        211-902    Stratford                        236,450          27,686,030        117.09         1.0000         146.50
                                                  ---------      --------------     ---------
      ** CAD TOTALS                                 275,970          32,313,270        117.09

IMPROVED PASTURE    -  PTD VALUE:           .00

        211-901    Texhoma                                0                   0           .00          .0000            .00
        211-902    Stratford                              0                   0           .00          .0000            .00
                                                  ---------      --------------     ---------
      ** CAD TOTALS                                       0                   0           .00

NATIVE PASTURE      -  PTD VALUE:         42.00

        211-901    Texhoma                           79,433           2,994,560         37.70         1.0519          44.18
        211-902    Stratford                        176,697           6,184,220         35.00          .9766          41.02
                                                  ---------      --------------     ---------
      ** CAD TOTALS                                 256,130           9,178,780         35.84

SCHOOL DISTRICT ACREAGES AND PRODUCTIVITY VALUE TOTALS INCLUDE LAND RECLASSIFIED TO WILDLIFE AND TIMBER IN TRANSITION.
INDEX CALCULATIONS BASED ON ISD VALUES PER ACRE DIVIDED BY CAD AVERAGE VALUE PER ACRE.

                                                        ** End of Report **