The board of directors heard from speaker Johnathon Ingram of The Novak Consulting Group, who broke down the associated costs of incorporation. According to Ingram, the estimated maximum tax rate for The Woodlands would be $0.2862 per $100 of property valuation. The Woodlands currently has a tax rate of $0.2240.
The impact is estimated to be around a $311 increase on a home valued at $500,000 if incorporation was placed on the ballot and approved along with the maximum initial tax rate.
The estimated maximum tax rate was designed to cover a $4 million shortfall in the existing five-year plan for incorporation, Ingram said.
The Novak Consulting Group officials added they have created a tax rate calculator that will be available to the public so they can determine the personal impacts they will see if the township moves forward with an incorporation election.
No action was taken to accept the proposed maximum initial tax rate, as Director Ann Snyder said she would be more comfortable making the decision with more than five directors present. Directors Gordy Bunch and Brian Boniface were absent from the meeting.
A vote will be held to accept the maximum initial tax rate Feb. 27.
Moving forward, educational materials will be developed through March and April, with the materials being made available to the public in May with two community meetings, township officials said. Adjustments to the financial model can be determined in June, with the incorporation model being finalized in July. The final day for the township to call for an incorporation election is Aug. 17 to be voted on Nov. 3 if it is approved.
Editor's note: The story was edited to include the phrase "proposed maximum initial tax rate."