Town Manager Jimmy Stathatos Flower Mound’s Home Improvement Incentive Program has been a success in its first three years.
Stathatos updated the Town Council on the program during the annual strategic planning session, which occurred in late June.
The program was designed to help spruce up aging neighborhoods to help increase property values.
Town officials said the program helped increase values of the participating homes by $1.3 million in its first two full years.
To participate in the program, a resident must do at least $20,000 in home improvements, and they have to complete it within 24 months.
Residents who meet those guidelines are given a one-time payment by the town equal to 10 times the increase in town property taxes.
Stathatos said the town has received 56 applicants, and they’ve all been accepted. Of those, 36 of them have been completed.
“So the project is working. People are participating,” Stathatos said.
Stathatos said in 2018 the town paid 10 property owners $27,171 as appraised values increased by approximately $618,000.
This year, the town has paid 11 property owners $30,266 following an increased appraised value of $632,000.
He said so far this year 13 property owners will be paid next year approximately $34,000.
The increased value has led to $2,713.02 and $2,774.48 respectively, in revenue to the town.
“It’s a good incentive,” Stathatos said. “It’s not going to be the sole reason someone does it from the financial standpoint. But the goal is to get people to reinvest in their properties, especially for those that need some love and attention that has been put off for a while.”
Stathatos said the program offers an economic incentive to prospective buyers.
“Someone can buy a property knowing they can apply,” Stathatos said.