Over the next 12 months, The Woodlands Township will continue to add amenities to the master-planned community while also planning for future attractions.
In its $129 million 2015-16 budget, the township again lowered the community’s property tax rate from 25 cents per $100 of property valuation to 23 cents.
The reduction in property tax means a potential savings of $146 on a tax bill for the average home value in The Woodlands, which is $384,150, according to the township.
Township Chairman Bruce Tough said the ability to lower the rate was a result of the continued increases in revenue gained from property tax revenue, sales tax revenue and hotel occupancy tax revenue streams.
He said the other tax revenue streams help reduce the township’s dependence on property tax revenue for a source of income.
“When you have increases in economic development, in hotel occupancy and sales tax revenues, it relieves the reliance on property taxes,” he said.
Township revenue increased 6.7 percent over last year to $129 million this year.
Under its new budget, property tax revenue makes up 34 percent of the township’s expenditures while sales and hotel taxes, along with revenue from township programs, account for 66 percent of costs.
“It has really been a priority to the board to look at the appreciated value of The Woodlands properties and our tax rates so that our residents don’t experience an increase in their tax rate,” Tough said.
The township is expecting to see a significant boost to its hotel occupancy tax revenue next year, as much as a 28 percent increase over 2014-15. The township is expecting its final HOT revenue to come in at $7.5 million. For 2015-16, the township is budgeting to earn $9.6 million from that tax.
Township Financial Director Monique Sharp said the increase is attributable to the planned 2016 openings of the Embassy Suites Hotel in Hughes Landing and the Westin Hotel on Waterway Square.
New projects
Sharp said the most substantial capital improvement project targeted for funding in the 2015-16 budget is $1.2 million worth of improvements at Northshore Park, one of the most popular attractions in The Woodlands.
The park, located on the northern shore of Lake Woodlands, is home to the community’s Concerts in the Park series, the YMCA Dragon Boat races and the start of the annual IronMan Texas triathlon.
“We are developing a plan that will really keep and maintain Northshore Park as a prime park,” said Chris Nunes, director of parks and recreation for the township. “Our residents refer to Northshore Park as the crown jewel.”
Nunes said the township is in the early stages of planning for the renovation project, which will include public meetings with local entities like the Panther Creek Village Association.
“We want to know what the public sees as needing to be renovated as well as see how the public uses the park,” he said.
Nunes said likely improvement projects could include the parking lot, restrooms, play equipment, drainage system, grass fields and pavilion.
Construction on the renovations at Northshore Park could begin in the spring, Nunes said.
In addition to improvements at Northshore Park, the township will expand the parking lot at Bear Branch Park while also developing a master plan for the park.
Another amenity consideration the township is exploring is the potential development and construction of a performing arts center.
In July, the township purchased a 4-acre tract of land near Lake Woodlands Drive and Grogan’s Mill Road, across from Hughes Landing.
Tough said the land could be used by The Woodlands for municipal facilities should the community ever opt to incorporate. He also said it could be used for a performing arts center, which the township’s Economic Development Committee is examining.
In this year’s budget, the township allocated $250,000 for a comprehensive study into a possible performing arts center.
