How Much Would the Flood Bond Cost You?
When considering property tax implications of the proposed $2.5 billion flood bond, start with how much you currently pay in Harris County Flood Control District (HCFCD) taxes. Hint: It’s very little.
Only about 1.4% of Typical Property Tax Bill Currently Goes to Flood Control
Only about 1.4% of the average annual property tax bill now goes to Flood Control. The rest funds schools, cities, hospitals, law enforcement, etc. How much you currently pay each year in flood control taxes depends on your home’s value and your exemptions. See some representative costs below.
Amount Will Vary Depending on Age, Assessment and Exemptions
If your home is assessed at $200,000 and you are under 65, you pay only $45 annually for flood control. If over 65 in that same home, you pay no flood control taxes.
In a worst-case scenario, Harris County says the flood-control portionof your taxes would double. Would doubling one of the numbers above create a hardship for you? Or would it help you sleep better?
Remember, any increase applies only to the flood control portion of your tax bill, not the entire bill.
Less than Cost of Flood Insurance
Any increase would be gradual. Bonds are only sold when projects are ready to start. Harris County expects no increase at all until 2020 at the earliest.
Flood Control improvements cost much less than flood insurance. And unlike flood insurance, they might actually prevent your home from being damaged.
Protecting Home and Community Values
Once implemented, the flood mitigation measures in the bond package will help make our entire community more resistant to flooding. That’s important. It helps protect your home’s value, your schools, businesses, roads, bridges and other infrastructure. That helps keep your community growing and makes it attractive for people looking to relocate. In the long run, rising home values will pay you back many times over for your investment in flood control. So send a signal to the world that we’re willing to invest in our future.
How to Check Your Current Assessed Value
To see how much you pay right now, go to hcad.org, click on “Property Search”, then “Real Property” followed by “Search by Address.”
Posted by Bill Fowler on July 29, 2018
334 Days since Hurricane Harvey