“The market appears to have stabilized a bit as we began 2024,” Chief Appraiser Jordan Wise said in a news release. “Sales volume has dipped, but historic and ongoing demand for property in Fort Bend County has kept prices relatively stable.”
Breaking it down
Both commercial and residential properties saw increases year over year in Fort Bend County, Wise said.
During an April 23 Fort Bend County Commissioners Court meeting, Wise said key market drivers for property values increasing include:
- Rising interest rates
- Inflation
- Slowed new construction
- Overall demand being lower, but steady
- Demand for luxury homes being down 24%
- Investor purchases dropping nearly 50% nationwide
- Inventory remaining low
Though the appraisal values are set by the FBCAD, residents still have other ways to reduce their tax burden, Wise said.
“We want every property owner to be fully informed as to the various ways they can reduce their property tax burden,” he said in the release.
Some exemptions that residents may be eligible for include:
- Homestead
- Being over 65 years old
- Being disabled
- A surviving spouse over the age of 55
- Disabled veterans
- Disaster
Looking forward
The deadline for residents to file an appeal is May 15 or 30 days after receiving a notice of appraised value, whichever is later, according to the release. To appeal online, visit the online portal here.
For more information on a specific property, use the search feature here.
