TYLER TECHNOLOGIES UNIT SIGNS
$3.1 MILLION CONTRACT TO PROVIDE PROPERTY TAX SYSTEM FOR FAIRFAX COUNTY, VA.
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Dallas, Texas, April 9, 2002 - Tyler Technologies, Inc. (NYSE: TYL) announced today that its Cole Layer Trumble (CLT) division has entered into a contract valued at up to $3.1 million to provide a turnkey software solution for the Fairfax County, Virginia Department of Tax Administration's Real Estate Division. Under the contract, which is expected to be completed in the fourth quarter of 2003, CLT will deliver its Integrated Assessment System (IAS) to Fairfax County and will provide related professional services. Fairfax County is the most populous county in Virginia with nearly one million people and was recently rated as a leader in the field of information technology by Governing Magazine.
Implementation of IAS will provide the County with the ability to track all transactions related to real estate through the Assessment Administration module. The Computer Assisted Mass Assessment module will allow the County to annually update real estate values for ad valorem tax purposes. Other IAS modules include a Hearing and Appeal Tracking component that will allow the County to manage all appeals and inquiries regarding real estate-related matters. CLT will also provide an interface to the County's tax billing system and geographic information system via its Spatially Enabled Assessment Module. The new system will also give the County the ability to display real estate information, including digital images of properties, for public access via the Internet, using CLT's Landisc and Community Access Response Environment (CARE) software.
Located in Northern Virginia near Washington, D.C., Fairfax County has 325,000 parcels of real estate encompassing 255,360 acres. The County's general fund receipts for fiscal 2002 are estimated to be $2.3 billion, of which approximately 54% are derived from real estate taxes, making the system to manage those taxes a mission-critical application. Approximately 25% of the real estate tax is related to commercial and industrial properties. The County will utilize the IAS system to conduct approximately 661,000 appraisals of land and improvements annually.
Fairfax County chose CLT and its property tax products over several competitors after a lengthy proposal and evaluation process that included numerous in-depth product demonstrations and reference checks. "We are delighted that Fairfax County has selected our IAS solution to address its property tax automation needs," said Bruce Nagel, President of Tyler's CLT division. "Over the course of the selection process, Fairfax County was able to observe and evaluate our software evolution strategy and how we have executed according to our plans. Building this kind of credibility and establishing long-term relationships with jurisdictions like Fairfax County is what the local government software and IT services market is all about."
Randy Bruce, Fairfax County's project manager, commented, "The County based our decision to contract with CLT in part because the IAS software was such a good match with our business requirements. Because IAS uses an Oracle relational database management system, there are significant database size and transaction volume scalability opportunities."
Tyler's CLT division is the nation's largest provider of mass appraisal and property tax software and reassessment outsourcing services. Since its founding in 1938, CLT has provided appraisal outsourcing services and property tax administration software to over 1,200 assessing jurisdictions in the United States and Canada. Now in its fourth major release, IAS has been selected by more than 70 jurisdictions in 24 states and one Canadian province. These jurisdictions include a total population of more than 17 million, with over eight million parcels and more than one million personal property accounts.
Based in Dallas, Tyler Technologies is a leading provider of end-to-end information management solutions and services to local governments. Tyler partners with clients to make local government more accessible to the public, more responsive to needs of citizens, and more efficient. Tyler's client base includes nearly 6,000 local government offices in 49 states, Canada and Puerto Rico. More information about Tyler Technologies can be found on the World Wide Web at www.tylertechnologies.com.
Tyler Technologies, Inc. has included in this press release "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 concerning its business and operations. Tyler Technologies expressly disclaims any obligation to release publicly any updates or revisions to these forward-looking statements to reflect any change in its expectations. These expectations and the related statements are inherently subject to risks and uncertainties that could cause actual results to differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to, changes in competition, changes in general economic conditions, changes in the budgets and regulatory environments of the Company's customers, risks associated with the development of new products and the enhancement of existing products, the ability to attract and retain qualified personnel, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.
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Apr 09, 2002 |
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