"Taxes don't need to go up." That's the word from Lubbock City Manager Lee Ann Dumbauld as she gave her 2007-2008 budget presentation Monday morning to the city council and a packed council chamber.
Now the question is where are they getting the money to keep the same standard of living for Lubbock citizens? It hasn't gotten cheaper to run the city, in fact costs are going up.
"The proposed budget today is recommending a 46.199 property tax rate which is the same as in the current year," said Dumbauld.
But that does not necessarily mean taxpayers won't feel a pinch.
"The bill to the individual homeowner will depend on how their individual home is appraised," Dumbauld said.
"You basically have a two cent increase due to the property tax appraisal creep," said Councilman John Leonard.
It's hoped that new Lubbock home appraisals will generate $3.2 million of revenue for the city. "2.9 of that will be spent on public safety," said Dumbauld.
In addition to that, the city manager says 4.4% more in sales tax money will also help offset the need for a tax rate increase, but on average, higher appraisals will have Lubbock homeowners paying 4% more in property taxes. However, the council does have the power to offset that increase and keep your tax bill down.
"For you to pay the same amount that you're paying in the current year, we would need to adopt the 45 cent Lubbock truth in taxation rate," said Leonard.
The difference in a lower tax bill is about $700,000 right now.
"The key thing is that they make an informed decision," said Mayor David Miller.
|View the City of Lubbock's Proposed Operating Budget and Capital Program (Volume 1)|
To view the file you will need Adobe Acrobat installed on your computer. Please be patient this large document may take some time to appear on your computer depending on your connection speed.
View the City of Lubbock's Proposed Operating Budget and Capital Program (Volume 2)