LUBBOCK, TX (KCBD) – Lubbock City Council whittled down a tax hike Thursday morning, which means Lubbock homeowners will see an average tax hike of $23.11 on their next bill instead of $50.35 which had been previously proposed.
Prior to Thursday, the tax rate was scheduled to go from $0.4464 per hundred to $0.48065.
Council members said that the rate increase was only enough to cover the cost of items approved in the November 2009 bond election. However, not all those projects have been started and not all of the money from that election has been borrowed. So, Council members decided on a smaller increase to the tax rate, specifically $0.45617.
While the tax rate is going up by a little less than a penny, taxable values of Lubbock homes are also going up, which also contributes to property tax bills. Public records say the average single family residence had a taxable value last year of $108,504 and a taxable value of $111,247 this year.
City Council also approved making Lubbock Power & Light pay for street lights, at a value of roughly $3 million. Pay raises for employees, also approved in Thursday's budget, would also cost roughly $3 million. Officials have said in the past the two issues are separate.
KCBD NewsChannel 11's Michael Slother will have further details on the new budget coming up tonight at 6.