Oak Ridge North

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Great News for Texas Businesses from the State Legislature

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House Bill 32 (84(R) HB32) known as the Franchise Tax Reduction Act of 2015 was signed by Governor Abbot on June 16, 2015.  Essentially, HB32 decreases the franchise tax rate from 1 percent to 0.75 percent. The bill also decreases the franchise tax on retailers or wholesalers from 0.5 percent to 0.375 percent. A taxable entity with no more than $20 million in total revenue, up from $10 million in current law, can choose to pay the franchise tax under E-Z computation and rate provisions. The bill will decrease the tax rate under this computation from 0.575 percent to 0.331 percent. The bill takes effect January 1, 2016, and will apply only to a franchise tax report originally due on or after that date.

Doing business in Texas just gets better and better! Thank you to our friends as Karlins Ramey & Tompkins LLC for this synopsis of the bill.

Lone Star Executive Airport Runway Extension

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LSEACongratulations Lone Star Executive Airport (LSEA) on the completion of a 7,500 foot runway extension.  Ribbon cutting took place on Monday, March 23, 2015.  Just 17 miles from the heart of Oak Ridge North, this corporate airport facility is a short 20 minute drive away and capable of handling most corporate jets at full load.

For more information on the LSEA Runway Extension read HERE for the Community Impact News story.

ORN Gears Up for Future Growth

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Oak Ridge North was featured on the cover of the January, 2015 issue of Community Impact Newspaper–The Woodlands Edition.  To read the article, click HERE.

EDC Board Meeting Date Change

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EDC Board of Directors meet monthly on the third Monday of each month.  In both January and February, 2015 the third Monday is a designated city holiday, MLK Day in January and Presidents’ Day in February.  Therefore, the EDC will meet on Thursday, February 5, 2015 at 7:00 p.m. at the Oak Ridge North City Hall, 27424 Robinson Road, Oak Ridge North, 77385.  Board business for both January and February will be covered in this meeting.

ORN Police Chief’s Plan for Supporting Border Patrol

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Oak Ridge North’s Chief of Police Andy Walters has a plan for providing additional officers to support the over-stretched resources of the Border Patrol and local law enforcement in Texas’ border cities and counties and the plan is getting statewide attention.

Walters, who grew up in El Paso and is familiar with border issues, has for several years sent officers from the Oak Ridge North Police Department to work with local jurisdictions near the Texas-Mexico border.  The benefit to these jurisdictions is “more boots on the ground” to deal with the crime that crosses the border in the form of drug cartels and gangs.  The benefit to the Oak Ridge North PD is better trained officers, because drugs and gangs are not isolated problems.

For more information, watch the report from Click2 Houston News.

ORN Continues Trend of Tax Rate Cuts

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The city of Oak Ridge North has proposed another property tax cut for residents, which would take effect on Oct. 1 if approved.

The cut would lower the city’s property tax rate from $.5244 per $100 property valuation in 2013, to $.4822 per $100 for 2014, according to Oak Ridge North.

The proposal continues a trend of Oak Ridge North property tax cuts going back to 2009, when taxes were $.6389 per $100, Rudy said.

“That represents a little over a [4-cent] reduction in tax rate,” city manager Vicky Rudy said. “We have had a very good record of reducing [property] taxes since 2009. It is a product of many things: first of all growth, paying off debt and good planning.”

While the city uses taxpayer funds to pay for basic services and invest in infrastructure upgrades, it is able to cut property taxes because of strong financial performance in recent years, Rudy said.

The city has experienced a 22 percent increase in sales tax revenue compared to 2013, seen growth in property values, new businesses, construction and annexation of new tracts of land, Rudy said.

“We want to have enough money to pay for basic services, to put money ahead for future improvements and maintain our infrastructure, but we also want our residents and property owners to get a break on taxes when times are good like they are right now for the city of Oak Ridge North,” Rudy said.

http://impactnews.com/houston-metro/the-woodlands/city-of-oak-ridge-north-proposes-property-tax-cut/