LUBBOCK, TX (KCBD) - The City of Lubbock may have found a way to cut city debt, but it will come from citizens' pockets.
On Thursday, the Lubbock City Council will discuss raising property taxes. City manager James Loomis proposed the increase, and said it's needed.
Lubbock Mayor Glen Robertson says all seven council members will have a different opinion on this proposal on Thursday, but he feels like it needs to be done.
The increase will be anywhere from 2.2 to 2.5 cents. That is about 53 cents per $100.
Right now the rate is at 50 cents per $100.
Robertson says the maximum increase would be about $25 a year on a $100,000 home.
However, it would equal about $1.8 million to help cut the city's debt; which he says is $1.15 billion.
Council member Karen Gibson opposes the increase. After going through the city budget twice, she thinks it should be a last resort.
However, Robertson says the council needs to act now.
"We can keep postponing it, but every year that we put this off, it's just going to make the final conclusion even worse," he said. "So the sooner we get started on it, I think the less impact it will have on our citizens."
Robertson says this is not the only increase city leaders are looking at. They are also considering increases to electricity and water rates.