Board of Directors Regular Meeting Agenda


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Meeting Date: 07/24/2019  

SUBJECT MATTER:
Receive, consider and act upon the 2019/2020 Anticipated Debt Service Collection Rate and the 2018 Excess Debt Service Tax Collections Report, as certified by the Montgomery County Tax Assessor/Collector;
FISCAL IMPACT:
Not applicable
BACKGROUND:
Anticipated Debt Service Collection Rate
In accordance with the certification requirements of Section 26.04(b) of the Texas Property Code, the Montgomery County Tax Assessor/Collector must certify to The Woodlands Township what the anticipated collection rate will be for property taxes collected during the period July 1, 2019 through June 30, 2020 from the debt service component of the Township's property tax rate.  The Tax Assessor/Collector has certified an anticipated debt service collection rate of 100% for the Township, as documented on the attached certification letter from Tammy McRae.
  
Excess Debt Service Tax Collections
On August 22, 2018, the Township Board of Directors adopted the debt service component of the 2018 property tax rate at 1.70 cents per $100 of taxable valuation.  In accordance with the certification requirements of Section 26.04(b) of the Texas Property Code, the Montgomery County Tax Assessor/Collector certified an anticipated debt service collection rate in relation to the Township’s imposition of this 2018 debt service tax rate.  The anticipated collection rate for the period July 1, 2018 through June 30, 2019 was 100%.
 
Truth-in-Taxation regulations require the tax assessor to certify any excess tax collections received by the taxing entity based on the prior year estimation referenced above.  However, excess collections apply only if the tax assessor certified a collection rate less than 100% and collections exceeded that percent.  Since the Township’s debt service collection rate was estimated at 100%, excess collections do not apply and thus are reported as $0.00.
 
Attached for the Board’s review is the certification letter from Montgomery County Tax Assessor/Collector Tammy McRae regarding the Township's 2019/2020 Anticipated Debt Service Collection Rate of 100% and 2018 Excess Debt Service Tax Collections of $0.00. 
RECOMMENDATION:
Accept the report regarding a 2019/2020 Anticipated Debt Service Collection Rate of 100% and 2018 Excess Debt Service Tax Collections of $0.00, as certified by the Montgomery County Tax Assessor/Collector.
 
 
Attachments
Debt Service Tax Collections Report - July 2019


    

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