LUBBOCK, Texas — The City of Lubbock will hold a public hearing on the property tax rate at 5:30 p.m. on September 6, in Citizens Tower, 1314 Avenue K.

Most Lubbock homeowners will pay higher property taxes in the coming year if the proposed city tax rate gets final approval. The rate itself will be more than 7 percent lower, but the average valuations will be 16 percent higher.

The current rate was set last year as 52.323 cents per $100 of valuation. The proposed rate will be 48.323 cents.

“[It] is higher than the 2022 no-new-revenue rate of $0.476762 and lower than the 2022 voter-approval rate of $0.488963,” public records said.

“This budget will raise more revenue from property taxes than last year’s budget by $4,720,457, which is a 4.87% increase from last year’s budget,” official records said. “The property tax revenue to be raised from new property added to the tax roll this year is $2,969,882.”

The city council will give final approval of the tax rate in September. The preliminary work of setting the rate will be handled by the council on August 9.