The District was created as the Dallas County Levee Improvement District No.16 by order of the Dallas County Commissioner?s Court on December 19, 1974, as a conservation and reclamation district under Article XVI, Section 59, Texas Constitution and pursuant to the provisions of Chapter 57, Texas Water Code, in response to a petition executed by landowners who help title to a majority of the land within the District. The City Councils of Farmers Branch and Carrollton, respectively, authorized and consented to the creation of the District. Subsequently, in 1975 the State Legislature passed an act reorganizing the District into the Farmers Branch-Carrollton Flood Control District having certain specific rights and powers conferred and imposed by the general laws of the State now in force or hereinafter enacted applicable to Levee Improvement Districts not in conflict with the legislative act. In June 1989, the District officially changed its name to Valwood Improvement Authority. The District?s general purpose financial statements include the accounts of all District operations.
The District?s property taxes are levied each October 1 on the assessed value listed as of the prior January 1 for all real and business personal property located in the District. Assessed values are established at 100% of estimated market value. Property taxes attach as an enforceable lien on property as of January 1.