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. CY denotes Calendar Year.
The homestead exemption was raised from 10% to 12% in 2019 to offset the impact of the tax rate on residents and help redistribute the taxable value between residential and commercial properties. With the adjustment to the homestead exemption, residential revaluation was -1.5% and total revaluation was -0.1%. Without the increase to the homestead exemption, residential revaluation would have been 0.1% and total revaluation would have been 1.2%.
The assessed revaluation and new valuation for residential property in the City as reported annually by the Fort Bend County Central Appraisal District.
An increase in the revaluation of residential property within the City of Sugar Land from the previous year’s assessed residential valuation. The target value of ≥3% (revaluation) is intended to represent the desire of the City to foster stability and growth in property values for residents.
The residential value of the City showcases the desirability and status of the community. Residential property is a significant source of property tax revenue for the City of Sugar Land. Residential property valuation also demonstrates the success of community efforts to be considered a top residential destination. Yet, the City’s goal is to manage growth in our resident’s tax bill using revaluation, tax rate, and the homestead exemption.