LUBBOCK, TX (KCBD) - Be prepared for Lubbock property taxes to go up next year, and city leaders say it's voter approved.
On Thursday morning, City Council voted to approved a proposal to increase property taxes by almost four cents for every $100 taxable value, increasing total property taxes by $3.8 million.
That means for a $100,000 home, you can expect to pay about $35 more on taxes each year. This increase will bring in almost $4 million more than last year's budget. In addition, home values are up around two percent. "It's a little less than three and a half cent increase on the property taxes so you know on a $100,000 home that would be about a $34 a year increase on their taxes," city chief financial officer Andy Burcham said.
City documents outline the tax hike is directly related to projects approved by Lubbock voters in the November election. The city warned Lubbock voters before the election that if these city projects were approved, a tax increase could follow, but voters still approved more than $50.5 million worth of projects.
Included in those expenses are $43 million for street improvements and $7.5 million for new fire stations. The revenue from the tax increase is supposed to equal the expenses for those approved bonds.
Before council can approve the tax hike they have to hold two public hearings for discussion. Those will be on Thursday, August 26th and September 2nd. Both are at 7:30 a.m. in the city council chambers.
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