LUBBOCK, Texas (KCBD) – The average Lubbock County homeowner will see a decrease in property tax owed to the county, under the proposed budget.
According to a notice on the county website, the commissioner’s court is proposing to adopt the no-new-revenue rate of 32.2782 cents per $100 valuation.
Figures provided by the county show the average homestead’s taxable value across the county decreased roughly two percent, from $233,528 last year to $228,404 this year.
Last year the tax on the average homestead was $764.63. Under the rate proposed, the average homestead’s bill would be $737.25, a decrease of $27.38. This is a roughly four percent tax cut.
Graphic from Lubbock County website: https://www.lubbockcounty.gov/egov/documents/1786989498_80063.pdf(Lubbock County)
These are examples given based on the “average” property. The tax you pay will be different, based on how your property’s taxable value changed compared to the average across the county.
The state of Texas has a website set up to see what proposed tax rates will mean for your specific bill. Click here – for the Lubbock County site.
The no-new-revenue rate provides a taxing entity with roughly the same revenue from properties that were on the tax rolls both years. In other words, it keeps the average property owner’s tax bill flat.
New development or significant other changes are not factored into the no-new-revenue rate; new property provides additional property tax revenue.
Also, a change in exemptions granted will affect revenue to the taxing entity. During the City of Lubbock’s budget workshops, there was discussion about a change approved by voters statewide in November, as proposition 9 amending the Texas Constitution. It increased the business personal property exemption from $2,500 to $125,000. This led to roughly $400 million less taxable value across the city this year compared to last year.
Back to the county, a public hearing on the proposed tax rate is listed on the commissioner court agenda 10:15 a.m. Monday, Aug. 24 at the Commissioners Court, fifth floor of the Lubbock County Courthouse, 904 Broadway. The public notice referenced above also shows the vote on the proposed tax rate is scheduled for Monday, Sept. 14.
AUG. 13: UMC asks Lubbock County commissioners to reconsider inmate health care funding
JULY 27: Lubbock County facilities director pushes for more aggressive maintenance spending
JULY 23: Lubbock County DA warns of public safety risk amid budget stalemate
JULY 20: Lubbock County compensation study shows mixed results, as budget workshops continue
JULY 17: Lubbock County Detention Center facing challenges with aging infrastructure
JULY 16: The Cost of Safety: Lubbock County sheriff says budget shortfall poses threat
FEB. 18: Lubbock County commissioners: budget audit backs no-new-revenue tax decisions last year
Key tax terms
Here are some key terms when various local governments work on setting a property tax rate.
No-new-revenue tax rate: This takes into consideration how much appraised values have changed, and would provide the taxing entity with roughly the same revenue from properties on the tax rolls for both years. It does not take into consideration new development or other significant changes to property.
If your property’s appraised value change is in line with the average change across your district/city/county, the no-new-revenue rate means your tax bill will be the same as last year.
Voter-approval tax rate: In most cases, according to the Texas Comptroller’s Office, if a government adopts a rate above the voter-approval rate, it triggers an election for voters to approve the tax increase.
A property tax rate does not continue from one year to the next. Taxing entities must set a rate every year.
Exemptions: The Texas Comptroller’s Office has information on the homestead exemption, exemptions for those 65 or older, citizens who are disabled, disabled veterans or their surviving spouses, surviving spouses of first responders killed in the line of duty, and others.
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