LUBBOCK, Texas (KCBD) - The Lubbock Independent School District Board of Trustees approved a 7 cent tax rate decrease for the 2019-2020 school year during a morning board meeting on Thursday.
This now sets the tax rate at $1.165 per $100 of assessed valuation. The rate decrease, which went from $1.235 for the 2018-2019 school year, to the current rate, which was passed unanimously.
“Part of House Bill 3 included a compression of our tax rate and we are excited to do this for our property owners in Lubbock ISD,” Kathy Rollo, LISD superintendent, said during the board meeting.
This year’s maintenance and operation tax was dropped to .99 cents, but the interest in sinking fund rate was kept at .175 cents, which brings the total to $1.165.
“We discussed this at a fair amount of length a month or so ago, obviously we adopted the budget with this rate in mind," Zach Brady, board president, said during the meeting. "This was the same tax rate that was presented to (the board).”