LUBBOCK, TX (KCBD) - New numbers, released Monday, show Lubbock appraisals increased, though not as much as years past. In the past ten years, Lubbock has seen appraisals jump by 5, 10, or even 15%.
So, how big is the bite this time? We have a new number for you. Lubbock County and city home owners saw an average increase of about 3% this year. That's roughly half the increase owners saw in recent years.
The average value of a single family home in the city rose 2.80% compared to last year. In the county, that number goes to 2.91%. The average value raised by about $3,000 for both.
Lubbock Central Appraisal District's Chief Appraiser David Kimbrough tells NewsChannel 11 they sent out about 44,000 notices last week, informing owners their property value had increased. Owners receive a notice when their property increases by at least $100, or if there is a ownership change.
"We're fortunate in Lubbock as compared to a lot of other areas. Even though this increase is roughly half of what our annual increases have been in recent years, we're seeing a healthy residential market," Kimbrough said. He says they'll be sending more notices out this week. Commercial property increases will come out after that.
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