Property values in Tomball are increasing, and with that, Tomball ISD is projecting that they will have to lower their property tax rate. They will be lowering their property tax rate by 4 cents starting June 1st, for their 2021-2022 fiscal year.
The growth in property value in Tomball is projected to up by a staggering 9% over the next year ––– a full 3% higher than the city had anticipated.
House Bill 3 (which was approved by the legislature back in 2019) requires the district to lower their property tax rate, to compensate for the rising value of property in the area.
On its face, this may seem like exciting news for residences as their property taxes decrease while their home value rises. However, there is good and bad that comes with the decrease in property taxes. The good news for residents is that their property taxes will be going down. Unfortunately, that means the state will have to somehow make up for that loss in tax revenue elsewhere.
TISD projects a $4 million dollar shortfall for their 2021-2022 fiscal year. This has come as a result of costs related to COVID, state funding challenges, the brand new district stadium, and the new Grand Lakes Junior High School.
TISD is still waiting for budget approval, but the budget is scheduled to be presented to the board and brought to a vote on June 15th of this year.