Commercial Assessed Valuation
Strong Local Economy
Status Indicators: Proceeding as Anticipated | Monitoring Progress | Reviewing for Improvement | Information Unavailable
Proceeding as Anticipated
Reviewing for Improvement
Please note that Q1, Q2, Q3, and Q4 refer to the first, second, third, and fourth quarters of the Fiscal Year. The City’s Fiscal Year runs from October 1st – September 30th and is denoted by FY.
This measure fell short of the 31% target set before the annexation. The City's valuation mix is well-balanced with 30% of the total valuation in commercial property. The ability of the City to maintain a good balance between residential and commercial valuation helps reduce the property tax burden for residents.
Due to annexation of Greatwood and New Territory, we saw commercial assessed valuation decline as a percentage of total value compared to prior years, though it is important to note that the annexation did provide a positive economic impact to the City as it averaged up the City's value per acre due to the strong property values in the annexed areas. The decline in commercial valuation as a percentage of the total is due to the fact that both Greatwood and New Territory have high residential land uses of more than 90% of their existing tax roll.
To account for this, the FY 2018 estimated target was set to 31% based on 2017 tax roll. Moving forward into FY 2019, the target will be updated to 30% based on the results from 2018. The result for FY 2019 will be updated in September.
The City of Sugar Land’s commercial property tax revenue, percentage change, and assessed valuation of commercial property as a percentage of the tax roll as reported annually by the Fort Bend County Central Appraisal District.
The target is based on the 2017 tax roll for the City and the municipal utility districts that were annexed.
Please note: the target for this has been adjusted to 31% due to annexation. Updated figures for FY 2018 now available.
Moving forward into FY 2019, the target will be updated to 30% based on the results from 2018. The result for FY 2019 will be updated in September.
The commercial value of the City showcases the desirability of commercial real estate and the health of local businesses.