Dallas, August 13, 2007 -- Tyler Technologies, Inc. (NYSE: TYL) announced today that the Parish of Orleans, Louisiana, has selected its CLT Appraisal Services to conduct the first ever complete reappraisal of real property in Orleans Parish. The contract is valued at approximately $12 million.
The City of New Orleans and the Parish of Orleans operate as a single merged government. Orleans parish is home to numerous smaller communities and maintains many historically separate identities from the well-known city of New Orleans. Through its partnership with Tyler Technologies, the Parish seeks to standardize appraisal practices across all of its districts. This effort will also provide true market value to its more than 165,000 commercial, industrial, agricultural and residential properties.
"We're excited to partner with the Parish on the first full mass data collection ever completed in New Orleans," said David Johnson, president of Tyler's CLT Appraisal Services. "This is a tremendous opportunity for the Parish to set a foundation of equitable values and develop a long-term plan to maintain that equity."
The project consists of two separate phases. In the first phase, Tyler will collect data for all real properties in the parish over a two year period. In the second phase, Tyler will perform a reappraisal of these properties in which the data previously collected is analyzed, and values are calculated. The company expects to establish new market values by mid-2010, followed by a period of informal reviews where property owners will have an opportunity to discuss values. Final assessment of property is expected by late 2010.
While the Parish prepares for the most comprehensive revaluation in its history, it is no stranger to Tyler Technologies. In 2003, the Orleans Parish Board of Assessors purchased Tyler's integrated property assessment and tax software in preparation for eventual reappraisal. Leveraging this software in conjunction with new data will enable the Parish to produce market-based comparables to establish true market value for all properties. The project will also enhance the Parish's service to citizens through online access to information and images collected for each parcel.
Darren G. Mire, First District Assessor and current Chairman, stated "The Orleans Parish Board of Assessors is excited to have chosen Tyler's CLT Appraisal Services. It is one of the largest and most impressive assessment firms in the country. Tyler's presentation and output were very professional. We've had a close working relationship and we hope it will last for years to come."
Despite setbacks caused by Hurricane Katrina in 2005, the Parish continues to shape a reappraisal process that began years before the storm.
"There's symmetry with the rebuilding process in that it logically makes sense to revalue all the properties," said Johnson. "It's admirable that after all the city has gone through, they're still determined to do this. They haven't lost sight of their goals."
Based in Dallas, Tyler Technologies is a leading provider of end-to-end information management solutions and services for 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 more than 6,000 local government offices throughout all 50 states, Canada, Puerto Rico and the United Kingdom. In April 2007, Tyler was named one of "America's 100 Most Trustworthy Companies" by Audit Integrity, an independent research firm. More information about Tyler Technologies can be found at www.tylertech.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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