Woodlands’ $148.4M budget cuts tax rate

The Woodlands Township board is set to reduce the property tax rate by 3.5 cents for 2023, while adding a 10th fire fighting company, expanding an aerial adventure course and adding a new sailboat program to Lake Woodlands.

The proposed 2023 budget is $148.4 million with a tax rate of 18.75 cents per $100 property

valuation. The budget is a slight increase over 2022’s budget of $147.7 million.

Township President and General Manager Monique Sharp noted the 18.75 cents tax rate is also below the no new revenue rate of 19.64 cents. The no new revenue rate is a rate that would generate the same property tax revenue as the current 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 in possible due in part to the community “robust” sales tax and hotel tax collections.

For 2023, a homeowner will pay $491 in taxes on the county’s average home value of $261,906.

While the board agreed to a lower tax rate, the township will move forward with a handful of capital projects using positive capital project reserves, Sharp said.

Along with adding a 10th fire department company to Fire Station 5 at 10100 Branch Crossing Drive, expanding the Texas TreeVentures aerial adventure course and adding a sailboat program to Lake Woodlands, the board will also add: awnings to the multi-purpose rink, additional shade structures, parking lot expansion, and batting cages at Bear Branch Park; extend the pathway on Kuykendahl from Research Forest to Lake Woodlands; add lighting to dog parks at Harper’s Landing, Tamarac, and Terramont parks; rebuild Fire Station 5; make improvements to the Emergency Training Center; and add a 13th deputy to the township’s contract with Harris County Precinct 4.

The board is set to approve the budget and tax rate on Thursday.