LUBBOCK, Texas– The Lubbock City Council will discuss the current property tax rate and consider a proposed rate at the city council meeting Tuesday.
The resolution is for a tax rate of $0.55802 cents per $100 of valuation in the 2019-2020 fiscal year, according to the City of Lubbock online agenda.
Last year, the rate was the same, 0.54802, according to the Lubbock Central Appraisal District website.
LCAD said in April, “The average market value of a single family residence in Lubbock County is $154,491 in 2019 as compared to $146,179 in 2018.”
As for the city council discussion on Tuesday evening, official records said, “This budget will raise more revenue from property taxes than last year’s budget by $6,941,281, which is a 7.85% increase from last year.”
Those same records said the increase from new construction alone — not considering the impact of higher valuations — was estimated at $2,233,883.
Two public hearings to discuss the proposed tax rate are scheduled for 4:30 p.m. on August 27, 2019, and 8:00 a.m. on September 4, 2019. Both public hearings will be in the City Council Chambers at City Hall.