If a preliminary financial model is accepted by The Woodlands Township's Board of Directors, township residents can expect to see their property taxes increase by nearly 80 percent should The Woodlands incorporate in 2014.
As part of its ongoing governance study, the township board last month received a preliminary financial model conducted by Economic & Planning Systems, Inc. The report showed that should The Woodlands incorporate in 2014, the current tax rate of 32.5 cents per $100 of property valuation would need to increase by 25.64 cents to 58.14 cents in order to provide the same level of service that residents currently receive. That represents a potential property tax increase of 78.9 percent.
The report has yet to be adopted by the board and presented to the public as the township's accepted projection of finances under incorporation. EPS and Partners for Strategic Action, the firm hired by the township to conduct the governance study, will review additional components of the financial model.
"The township's consultants from PSA and EPS have received additional information regarding road construction and maintenance costs and recommend that additional time be taken to review and validate these estimated roadway costs before completion of Working Paper No. 2," said Nick Wolda, spokesperson for the township.
