LUBBOCK, Texas — When you get your property tax bill on October 1st, it may look a little different according to Lubbock County Chief Appraiser, Tim Radloff.
“It’ll show what your taxes would have been if [the] $40,000 homestead exemption was still in place, and it will also show what your taxes would have been–or will be–with the increased homestead exemption of $100,000,” Radloff said.
Another big piece of the legislation is compression, where the state pays down some of the school property tax rate. However, Frenship ISD Superintendent, Dr. Michelle McCord said.
Managing the district’s multi-million dollar budget hasn’t been easy with last minute changes, inflation and not getting as much funding.
“The comptroller’s office, TEA, they advise us to set the tax rate and do the calculation as if the $100,000 homestead exemption passes,” said Dr. McCord. “It is hard to make a budget and ensure that you’re wisely spending your money when you’re finding out, you know, a couple of days before it’s time to have a meeting and set the budget and tax rate.”
Dr. McCord adds she and others are all for lowering property taxes, compression hasn’t always worked in years passed because of other increases.
“We’ve compressed our tax rate, but people’s taxes have not gone down because the [property] values have increased,” said Dr. McCord. “Sometimes our taxpayers think that we set the values. The school district is a taxing entity, but we do not set the values.”
Although market values have gone up about thirteen percent, Radloff said he’s confident many property owners will see relief, even with the possibility of the city and county increasing their property tax rates.
“I think there’s going to be some tax rates that may go up, there’s going to be some tax rates that go down,” said Radloff. “But I think…your school district is going down as much as it will be, that will be an additional savings.”
That vote for the homestead exemption is on November 7th, and both are confident it will pass. But Dr. McCord said she’s also hoping schools will get more funding in a special legislative session coming up in October.
