LUBBOCK, TX -- The City of Lubbock will take steps this coming week to consider a property tax hike. The proposal on Thursday evening is 52.953 cents per $100 as compared to the current tax rate of 50.441 cents per $100.
Higher property tax valuations and new construction make it possible for the city to have the same property tax revenue with a lower rate. That lower rate is called the effective tax rate. The effective tax rate is estimated at 49.75 cents per $100 for 2014.
The proposed tax rate is more than 3 cents higher than the effective rate. However, the proposed tax hike is low enough to avoid a possible rollback election.
The average taxable value of a single-family home in Lubbock was $116,040. Just the effect of the tax hike without a higher property tax valuation would be more than $29.
Mayor Glen Robertson said, “What is on the agenda [for Thursday evening] is not the final tax rate. It won’t be until early September until we determine what the rate hike will be and how much it will be.”
Tentatively there are public hearings set for August 28, 2014 at 5:30 pm and on September 4, 2014 at 1:30 pm in the City Council Chambers.