The average home value in Lubbock has increased from $96,000 in 2007 to almost $104,000 in 2008.
"The facts reflect that we've not had a downturn in that market or haven't had since the appraisal date of January 1st," said Chief Appraiser for the Lubbock Central Appraising District (LCAD), Dave Kimbrough.
The reason Lubbock hasn't see the same real estate market downturn as other parts of the U.S. is because home appraisals are based on home values and home values are up. And all 134,000 property appraisals done in Lubbock are done by the LCAD.
"With 134,000 parcels we don't claim to hit every one right," said Kimbrough.
This year, of the 73,000 taxable properties in Lubbock, 52,000 have received or will receive a notice saying their property value has gone up.
"If we have more data and better data than we did last year then it's certainly possible that their property was undervalued in the prior year," added Kimbrough.
With that new, more correct data, the LCAD corrects home appraisals - in most cases increasing them means higher tax payments on the property.
"Our role is simply to appraise the property and provide that equal and uniform basis for the setting of the taxes. It's the taxes entities and the elected officials at those entities that set the tax rate," said Kimbrough.
But if you don't think your appraisal is correct you can protest it by contacting LCAD. Then you'll need to fill out an application and turn it in by a date listed on your appraisal.
Another way to lessen the blow of a new, higher appraisal and tax rate is to apply for a homestead exemption. If you meet the criteria for the exemption you could save thousands - not decreasing the value of your home but certainly decreasing the amount you could owe the government.
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