LUBBOCK, Texas – Lubbock Central Appraisal District mailed out over 133,000 notices on April 1, 2022. Experts said that this year’s 16% average increase beat 2021’s shocking average of 10%.
Lubbock Central Appraisal District’s Chief Appraisal Administrator Tim Radloff said that in his 20+ years in appraisals, he’s never seen the values appraised this high before.
“This year is probably one of the largest increases that I’ve seen,” Radloff said. “This year, comparing what properties were in 2021, to those same properties in 2022, We’re looking at about a 16% increase year over year.”
Radloff said there are many factors that contribute to the tax increase, but the property taxes are heavily impacted by the shortages of houses on the market combined with low mortgage rates.
“The number of building permits issued in Lubbock over the past 12 months was 2,700,” Radloff said. “We haven’t seen that number in a long time. So, there’s a whole lot of residential building permits that are being issued, homes are being built; homes are being sold. Historically low interest rates for mortgages right now. So, that’s one of the driving forces behind it.”
Many Lubbock homeowners are expected to get their property notice in the mail with in a few days of them being sent out. Homeowners have until the end of April to challenge the amount their property value is appraised for.
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