No tax hike with $198 million bond; but what about tax break? - KCBD NewsChannel 11 Lubbock

8/25/10

No tax hike with $198 million bond; but what about tax break?

By James Clark | email

LUBBOCK, TX (KCBD) – Lubbock ISD officials have said emphatically that there will be no tax rate increase if voters approve a $198 million bond package, but what if voters turn down the bond package in November, would there be a tax break in response to a "no" vote? 

It appears the answer is no.

"LISD is asking voters for the authority to issue bonds," said Lubbock ISD Board Of Trustees President James Arnold in a brief written statement.  Arnold continues, "We are not asking to raise or lower the tax rate at this time. Given the needs of the District and constraints of resources, it would be unlikely."

Currently homeowners in the Lubbock ISD pay $1.04 per $100 valuation for "M and O" or maintenance and operation.  They pay 19 and-a-half cents per $100 for the district's outstanding debts.  Those two numbers add up to $1.235 per $100, which is far and away the largest single piece of any taxpayer's yearly property tax bill. 

In all fairness to the district, LISD cannot offer a 2010 tax break on the basis of voters saying "no" in November.  According to the Texas Comptroller's web site September 29 is the "last day for taxing units to adopt 2010 tax rate," which is 34 days prior to the bond election.   

Copyright 2010 KCBD. All rights reserved.

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