Sugar Land - Missouri City | July Edition

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After a signicant spike in residential values in 2022, spring 2023 appraised values indicated an overall increase in Fort Bend County property values by 15%, with some areas experiencing even larger spikes. Value spikes

not be inheriting anything.” Missouri City resident Jim White said in an email that high property taxes are pricing him and his family out of his home. He said hikes in his home’s value are making it increasingly dicult to support his son’s medical expenses. “We don’t have money for meat of any kind so we eat cheaper vegetables,” he said. “If meds are over 10 bucks we The state House and Senate each introduced bills in late June with dierent methods for reducing prop- erty tax bills. An agreement has not been reached between chambers as of press time. Lawmakers led House Bill 1 in the legislative session to cap appraisal increases at 5% annually and reduce school district tax rates by 16.2 cents for two years, which are typically the highest-taxing entity for many Houston-area taxpayers. don’t take them.” Legislative eorts Meanwhile, Senate Bill 1 proposed a 10-cent reduction in school district tax rates. Additionally, senators proposed raising the homestead exemption to $100,000. Both chambers also pro- posed resolutions allowing Texans to vote on the tax cuts in November. “Taxpayers are waiting for their tax cut, and the clock is ticking,” said Lt. Gov. Dan Patrick, who leads the Senate, about the Senate proposals. For the rst special session that ran May 29-June 27, Gov. Greg Abbott directed both chambers to come up with a property tax relief plan that will reduce the school district tax rate— since that was the only thing both chambers originally proposed. The sec- ond special session began June 27. Fort Bend ISD Deputy Superinten- dent Steven Bassett said both proposed

NEW TERRITORY BLVD.

LEXINGTON BLVD.

1092

SWEETWATER BLVD.

AUSTIN PKWY.

99 TOLL

PALM ROYAL BLVD.

O M M O

UNIVERSITY BLVD.

+60.3% change in appraised residential property values in Fort Bend County from 2020 to 2023. FORT BEND COUNTY RESIDENTIAL VALUES

LAKE OLYMPIA PKWY.

NEW TERRITORY

SWEET WATER

HERITAGE COLONY

OYSTER CREEK

$200 $150 $250 $100

$50

2021 2022 2023

SOURCES: HOUSTON ASSOCIATION OF REALTORS, FORT BEND CENTRAL APPRAISAL DISTRICT, GALVESTON COUNTY TAX ASSESSORCOLLECTORCOMMUNITY IMPACT

Residential property values in Fort Bend County have risen since the pan- demic began in 2020. Since then, an average home value with no home- stead exemption could have seen a 60.3% increase, according to Fort Bend Central Appraisal District annual appraisal data. To address this problem of rapidly rising taxable values for homes, the state House and Senate each intro- duced separate bills in the 88th Legis- lature to reduce property taxes. As of press time, the two chambers have not agreed on a compromise bill to send to the governor’s desk for a signature. Houston Association of Realtors Chair Cathy Treviño said the current market and economic situation is

causing pressure on homeowners, buy- ers and sellers alike. “Prices [and] ination and things like that … are all going up, and sala- ries aren’t unfortunately going up as quickly,” she said. Upward trends Home values are rising due to an unprecedented combination of pres- sures on the economy, including fed- eral ocials’ move to raise interest rates, which has added increased mort- gage payments, Treviño said. According to HAR data, several sub- divisions in Sugar Land and Missouri City are at the highest average price per square foot on record, including the New Territory, Sweet Water, Heritage

Colony and Oyster Creek subdivisions. In an unscientic web survey con- ducted from June 15-22 by Commu- nity Impact , Sugar Land residents in the survey indicated having to make spending adjustments to account for rising home values. They reported hav- ing less disposable income and spend- ing less on food and medicine. Hebert, who describes herself as a single person who bought a “xer-up- per,” said her taxes have risen to the point where she fears she will be priced out of her home and be unable to pass the property down to her children. “For people who are lower middle class, or even lower, it’s a pretty big life changing event to inherit property,” she said. “Well, my two children will

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