"What we're talking about is placing a cap on property tax," said Lubbock City Councilman Tom Martin. He and fellow Councilman Gary Boren were holding a roundtable discussion at the Lubbock Senior Center on a new initiative to save seniors money.
"This is a good time to get your taxes frozen," said Boren.
The proposal, which would also benefit the disabled, would put an end to rising property taxes. Instead, homeowners would pay one fixed amount forever. "I hope they do," said 77-year-old Pedro Moreno. A homeowner for 40 years, he watched his property taxes jump over $100 last year. "That's a whole lot to me," he said.
Under the plan, Mr. Moreno's $57,000 home would be taxed at a rate which is expected to be approximately .46 cents per $100. That makes for a $262 tax bill, each year, every year.
"It would keep it at today's tax rate so that you have the same bill for the next 10, 20 years, as long as you live," said Boren.
The measure would cut future tax revenue to the city by $250,000. But Martin and Boren say new developments would cover the shortfall. "We have additional revenues from new things that are being built, so this is not dire straits," said Martin.