Board of Directors Regular Meeting Agenda


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Meeting Date: 08/22/2018  

SUBJECT MATTER:
Receive, consider, adopt and set by Order the 2018 Ad Valorem Tax Rate for Debt Service, $0.0170 per $100 of taxable value;
FISCAL IMPACT:
Projected Property Tax Revenues for Debt Service = $3,443,367 at the rate of $0.0170 per $100 of taxable value
BACKGROUND:
On August 16, 2018, the Board of Directors proposed a 2018 property tax rate for debt service equal to $0.0170 per $100 of taxable valuation.  Additionally, the Board proposed a 2018 property tax rate equal to $0.2103 per $100 of taxable valuation.  The total of these two components of the tax rate is $0.2273, which is the same rate as the effective tax rate calculated by the Montgomery County Tax Assessor-Collector.

The Woodlands Township attorney has prepared Order No. 010-18 and the related Certificate for Order No. 010-18 for the levy of property taxes to fund debt service.  The tax rate of $0.0170 contained in the Order is consistent with the proposed rate approved by the Board on August 16, 2018 as outlined in the preceding paragraph.  The Order and accompanying Certificate for Order are attached for review.

Section 26.05 of the Tax Code requires the Board of Directors to adopt the debt service component of the tax rate separately from the maintenance and operations component.  Accordingly, this agenda item pertains only to the adoption of the debt service rate.  The maintenance and operations rate will be adopted in a separate agenda item.
RECOMMENDATION:
Adopt Order No. 010-18 levying a 2018 ad valorem tax rate of $0.0170 per $100 of taxable value for debt service purposes.
Attachments
Certificate for Order No. 010-18 Levying Ad Valorem Taxes for Debt Service
Order No. 010-18 Levying Ad Valorem Taxes for Debt Service


    

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