Education
Lubbock ISD sets new property tax rate for school year - fox34.com
Lubbock ISD's property tax rate for the new school year dropped compared to last year's rate but will still generate more revenue, and the district says even that won't be enough to cover its costs. The new rate sits at roughly 86 cents per $100 of property valuation.
The new rate sits at roughly 86 cents per $100 of property valuation. That figure comes in above the district's "no new revenue" threshold, which means state law requires Lubbock ISD to officially call this a tax rate increase, even though the actual rate is lower than last year's.
The reason for that technical contradiction: large homestead exemption increases. When exemptions go up sharply, the math shifts in a way that pushes the effective rate above the "no new revenue" line without the nominal rate going up. District accountants also noted that Lubbock ISD does not set this number on its own. The Texas Education Agency calculates it through state formulas and delivers the rate to the district as an order.
For homeowners in Lubbock, the picture is a little blurry. Your tax rate went down, but the district is still pulling in more money overall, and it still says that's not enough to balance the books. The gap between revenues and actual operating costs remains open, and the district has not detailed how it plans to close it.
The rate fell short of the threshold that would have triggered an automatic election.
Common questions
Will the new tax rate cover Lubbock ISD's budget?
- No. Lubbock ISD says the revenue generated by the new rate still won't be enough to cover the district's costs. Even with a lower nominal rate producing more total revenue due to rising property values, the district is projecting a shortfall for the school year.
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