The Woodlands sets a proposed $148.4M budget with a property tax cut
The Woodlands Township Board of Directors is set to reduce the township's property tax rate by 3.5 cents for the fiscal year 2023. The board also plans to add a 10th fire station, expand an aerial adventure course and add a new sailboat program at Lake Woodlands.
The proposed budget for 2023 totals $148.4 million, with a tax rate of 18.75 cents per $100 property valuation. This is a slight increase over 2022’s budget of $147.7 million.
Township President and General Manager Monique Sharp noted that the 18.75 cent tax rate is also below the no new revenue rate of 19.64 cents, which is a rate that would generate the same property tax revenue as last year.
“In practical terms, this means the proposed rate of 18.75 cents more than offsets the impact of higher appraised values and will reduce property taxes paid to the Township by approximately $2.0 million in 2023,” Sharp said adding the decrease in property taxes is possible due in part to the community “robust” sales tax and hotel tax collections.
For the year 2023, a homeowner will pay $491 in taxes on an average-priced home in the county valued at $261,906.
The township board agreed to a lower tax rate, but it will move forward with a handful of capital projects using positive capital project reserves, Sharp said.
The township board will also consider adding awnings to the multi-purpose rink, additional shade structures, parking lot expansion, and batting cages at Bear Branch Park; extending the pathway on Kuykendahl from Research Forest to Lake Woodlands; lighting dog parks at Harper’s Landing, Tamarac, and Terramont parks; rebuilding Fire Station 5; making improvements to the Emergency Training Center, and adding a 13th deputy to its contract with Harris County Precinct 4.
The board is scheduled to vote on the budget and tax rate at its meeting on September 8.
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