Lubbock's tax rate may go down but that doesn't mean your property taxes will.
Thursday, council members unanimously proposed lowering the rate by about seven-tenths of a cent, but as NewsChannel 11 found, that doesn't necessarily mean you'll save any money.
The issue comes down to property values. Right now, Lubbock's tax rate is $0.46199. The proposed rate is $0.45505.
That number is less than what City Manager Lee Ann Dumbauld recommended for the budget. She had recommended keeping the tax rate at its current rate.
If the proposed rate is adopted, the city would need to cut more than $720,000 out of its budget, but as Councilman John Leonard explains, lowering the rate doesn't necessarily mean the city will lose out on revenue.
"It is possible to actually collect more in revenues with a lower tax rate because of increased appraisal values on properties, the generation of more sales tax dollars because of the growth in population, and the increase in fines and forfeitures, also because of the growth in population," Leonard said.
So, what does that mean for you the taxpayer? If your property value went up this year, you could end up paying more in taxes because of the higher value of your home despite the lower city tax rate.
Coming up Thursday night on NewsChannel 11 at 10, we'll break some of the numbers down to give you some estimates for the average home owner.
It's important to point out that Tuesday's proposal is only a starting point for the council; there will be public hearings for you to voice your opinion.
The first hearing is on August 23rd at 6 p.m., and the second hearing is on August 30th at 7:30 a.m. Both hearings will be in City Council Chambers.
|Tell us what you think...|
kcbd.com Message Boards