Politics
Lubbock council continues budget work, sets maximum tax rate - fox34.com
Lubbock City Council officially set the property tax rate ceiling this week at 51.34 cents per $100 valuation, a procedural vote and standard step in the city's annual budget process, meaning a higher rate cannot be approved for the upcoming fiscal year.
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Common questions
What is the maximum property tax rate set by the Lubbock City Council?
- The Lubbock City Council officially set the maximum property tax rate at 51.34 cents per $100 valuation. This procedural vote establishes the highest possible rate for the upcoming fiscal year, meaning a higher rate cannot be approved.
How does this property tax rate affect Lubbock residents?
- This property tax rate directly impacts every homeowner in Lubbock, from historic houses in Tech Terrace to newer developments near Milwaukee Avenue. It defines the financial boundary for how much revenue the city will pursue for essential services, including street repairs.
Is this the final property tax rate for Lubbock?
- No, this is the maximum property tax rate, set as a procedural step in the city's annual budget process. While a higher rate cannot be approved, the council will continue budget work to balance city needs against what residents can reasonably afford to pay.
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