The City of Navasota was not stopped growth wise by the COVID-19 pandemic.
During a presentation at the latest city council meeting, representatives from the Bush School at Texas A&M presented their findings from what they call “The Capstone Project,'” where student researched Navasota’s growth. Alicia Ortman dealt with the numbers side, and said Navasota saw expansion in a time of great uncertainty.
“As of February 2021, which is our most recent available data, Navasota ranks 202nd out of 1,165 cities across Texas for sales tax revenue growth over the last year. Just for comparison, 362 cities saw a decrease in sales tax revenue,” said Ortman. “The average percent change this last year, statewide, was about 1.7% growth in sales tax revenue. Navasota saw a 26% growth in sales tax revenue.”
She said that the growth can be attributed to a few things, including population growth, return on investment with downtown revitalization, and a push for shopping local.
Ortman mentioned as well that the land value in Navasota has skyrocketed in the last decade or so.
“Property in Navasota has appreciated at a rate of just under 5% per year, a total increase of about 144% since the year 2000. As of 2017, the median home price in Texas was $218,00. That same year, the median home price in Navasota was $236,000,” Ortman said. “Since 2005, the assessed value of property in Navasota has increased from $80 million to $190 million. I adjusted for inflation, because obviously $80 million in 2005 is not the same as in 2021.”
She added that, according to their research, buying property in Navasota is a “virtuous investment,” thanks to that upward trend.