CORRECTION: An earlier version of this story indicated an incorrect number for the final tax rate. The rate actually approved was 47.6762 cents per $100.
LUBBOCK, Texas — The City of Lubbock held a public hearing on the property tax rate Tuesday evening and finalized the “no new revenue” tax rate at 47.6762 cents per $100. The city council meeting was at times contentious and the final vote was 4 – 3 in favor.
The original proposal at the start of the meeting was 48.323 cents per $100 of valuation which would have effectively been a tax increase for most homeowners even though it was a lower rate than last year.
Average valuations, the Lubbock Central Appraisal District previously said, will be 16 percent higher. But specific to the City of Lubbock, they will be 13 percent higher according to public records from the city.
The average taxable value of a home (homestead) went from $168,814 to $191,081 in the City of Lubbock.
After the public hearing, the city council approved the first reading of the tax rate. It still needs a second vote to become official.