LUBBOCK, Texas — The Lubbock City Council set a maximum property tax hike rate during a regular meeting on Tuesday afternoon. Officials also set a public hearing to discuss and vote on the increase.
The majority of homeowners in the Hub City would pay more in property taxes in the next year if the proposed tax rate received approval in the fall. Officials said the average single-family home in Lubbock would pay an extra $103.38 on property taxes.
The city council made it clear it was not voting on a budget or tax rate on Tuesday, but the limit the rate hike could not exceed. Public records stated, “The rate proposed in the FY 2023-24 Operating Budget was $0.480164 per $100 valuation, which was higher than the 2023 no-new-revenue rate of $0.465391 and lower than the 2023 voter-approval rate of $0.505718.”
The debt rate was proposed to increase from $0.108317 to $0.109783, with the proposed maintenance and operations rate increase from $0.348816 to $0.351999. According to public records, this would bring more revenue from property taxes than last year’s budget by $11.8 million, which is a 11.3% increase.
Public records stated, “The property tax revenue to be raised from new property added to the tax roll this year is $3,796,255.”
The public tax rate hearing was scheduled for 2:00 p.m. on September 5 in the City Council Chambers at Citizens Tower.
