Officials decided to increase the homestead exemption for residents 65 and older and those who are disabled from $25,000 to $40,000 at a budget planning meeting held June 22 before The Woodlands' regular board of directors meeting.
According to President and General Manager Monique Sharp, the change will cost the township about $300,000 in revenue for fiscal year 2023. The fiscal year of the township runs from January to December. Budget meetings are scheduled to begin at 8:30 a.m. to noon on Aug. 22. every day The board will vote on a proposed tax rate on August 25.
At the June 22 meeting, board members discussed preliminary cost estimates for the coming year. Sharp explained that one of the new costs will be the township taking over responsibility for The Woodlands Waterway, which will result in additional maintenance costs. Renovations to several fire stations, including a rebuild of Station No. 5, are also on the horizon. Material cost fluctuations could have an impact on any building project's projections, according to board Vice Chair Brucer Rieser.
Despite the fact that many properties' appraisals have continued to increase in 2022, township officials say the amount of revenue that can be accumulated through taxation is limited by state law. According to officials, property tax revenue for operations and maintenance cannot be increased by more than 3.5% per year without voter approval, which would be $1.6 million in The Woodlands. The township will receive the same amount of tax revenue as the previous year if it adopts a no-new-revenue tax rate, formerly known as the effective tax rate.
“Property values are going up, but … my guess is we're going to go down to the effective tax rate,” Rieser said.
According to officials, the current financial landscape includes higher property values and higher sales tax revenues, but it also includes higher material costs and other inflationary costs.
“Our contractors are submitting increases in the double digits,” Sharp said. “That is not something we have seen before but it is something we will have to factor in.”
Other Blog You Might Interested in:
- Other The Woodlands TX Related Blog Posts | Link
- The Woodlands Real Estate Market Update | Link
- The Woodlands World's Largest Master Planned Community Reach LEED Precertification | Link
- The Shop Coming to Market Street in The Woodlands – Fall 2022 | Link
- The Woodlands TX Relocation Guide | Link
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