On October 3, 2024, the Fort Bend County Levee Improvement District 7 (FBCLID 7) Board of Directors unanimously voted to reduce the 2024 tax rate to $0.32274 (per $100 of assessed value). This reflects a $0.031, or 8.8%, reduction compared to the 2023 tax rate. While homes values in FBCLID 7 increased by almost 10% over the past year, the 2024 tax bill for the average home, currently valued at $437,215, will remain the same.
Since the Memorial Day Floods and Hurricane Harvey in 2015-2017, FBCLID 7 has invested millions of dollars to improve drainage and flood protection for all New Territory residents. The Brazos River Erosion Control Project is substantially complete and will protect the FBCLID 7 levee from future floods. The new Stormwater Pump Station is operational and the pumps are ready to run during the next big storm. The majority of excavation is also complete on the new Stormwater Detention Project, and the pond will be completely connected to Ellis Creek before the end of the year.
This commitment to modernize and protect all critical facilities has not only helped maintain home values in FBCLID 7, but also has helped to increase the taxable value of all property by almost $700 million. Since the first Memorial Day Flood in 2015, the value of all property in FBCLID 7 has increased by almost 50%. As pictured below, FBCLID 7 increased the tax rate following voter approval of a $121,150,000 bond authorization in 2018. A history of fiscal responsibility allowed FBCLID 7 to begin reducing the tax rate in 2022 and that trend will now continue through 2024. In the future as property values increase and FBCLID 7 debt is paid off, the Board of Directors will be able to consider additional tax rate reductions.
