As one Lubbock councilman said it, it's a 'great trade-off'. Even if you don't live in Lubbock or own property, the pay off is good. Bottom line; higher sales taxes, as the city council put it, will build a stronger economy, create more jobs, and at the same time lower you're property taxes by 15%. Come November, you'll have to decide if that's what you're in favor for.
It was a city council meeting Tuesday like most, filled with a plethora of information and it's share of questions from the council.
But when the council was briefed by City Attorney Anita Burgess, most felt at ease to support the sales tax increase. Here's why. Savings to you. "I think it's a great trade-off. We'll be reducing our property taxes by a total of 10.71 cents. That's great to home owners, great for the business community," said Jim Gilbreath, City Councilman.
|One Proposition Ballot|
The sales tax increase is just part two of the city's plan to lower your property taxes. The new 2.43 cent property tax rate will kick in October 1, 2004. Coupled with the sales tax increase of 3/8 of a cent, you'll see a total savings of 15%. So, if you own a $60,000 home you'll save $64.26 a year in property taxes. Owners of an $81,000 home will save around $87. And the owner of a $100,000 home will save a little over $107.10 a year. It's more than a 1% savings for any priced home.
"If you're a homeowner in this community, if this proposition passes, and with the actions of this council as we've stated in reducing property taxes this year to offset high appraisals, 10.7 cents will be off the property tax rate by October 1, 2004," says councilman Tom Martin.
Remember, 1/8 of the proposed sales tax will go toward Market Lubbock Inc, which will turn into a highly fiscally regulated corporation under law. Here's another interesting point. The city council or Market Lubbock Inc employees can not talk about the election to influence voters. They face jail time if that happens.
If you want to watch the whole city council work session, you can watch it on the city's channel - Cox Channel 2, until November 3rd.