LUBBOCK, Texas (KCBD) – Lubbock ISD has set its property tax rate for this school year. While the rate is lower than last year’s, the district says it will raise revenues, but not enough to cover the district’s costs.
The new rate is about 86 cents per hundred dollars valuation. This is more than the district’s “no new revenue” rate, but not enough to trigger an automatic election.
District accountants point out the district does not calculate or prescribe its own tax rate. It is an order from the TEA, according to complicated formulas.
The district also must call this a “tax rate increase” because it’s about that “no new revenue” rate, despite the actual rate staying lower than last year’s.
“This happens because of large homestead exemption increases. On years that we don’t have large homestead exemption increases, we will not have to read this language because we will be lower than the no new revenue rate,” said Dewayne Wilkins, Lubbock ISD chief financial officer.
Lubbock ISD reports the homestead exemption cost it a billion dollars in taxable property value this year alone. During its financial update today, it reports cost-cutting across the district in the face of a $22 million shortfall.
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