Weeks after Montgomery County Commissioners Court approved an optional 20 percent homestead exemption for all residents, The Woodlands Township board of directors is set to discuss and consider a proposed similar presentation during its April 26 meeting.
If an exemption is approved, it must be done by the township’s board of directors before July 1 to go into effect for the 2018 fiscal year, according to the state’s property tax code.
Township staff has put together a
90-page analysis in preparation for the proposed discussion, which includes the following highlights:
Nearly one-third of the township's revenue comes from property tax collections.
Over the past six years, the average home value in The Woodlands has increased by more than $120,000.
However, residents are paying less township taxes today than six years ago.
One reason lower township property tax paid is the decrease in the township's tax rate since 2010.
If the township decides to approve a homestead exemption, it would need to make the following budget adjustments annually.
However, a homestead exemption would further reduce the amount of taxes paid. The following chart displays the annual township property tax a resident with an average price home would pay under the current tax rate plus with a 5-, 10- or 20-percent homestead exemption in place.
For more coverage on this topic, visit
www.communityimpact.com the evening of April 26.
