In a recent government meeting, officials discussed the upcoming budget and property tax implications for the City of Lubbock. The proposed budget is set to raise property taxes by $7,563,231, marking a 6.5% increase compared to the previous year. Notably, $3,349,548 of this increase is attributed to revenue generated from new properties added to the tax roll, despite a decrease in the tax rate itself.

The no new revenue rate for the current year is calculated at 46.6484 cents per $100 valuation, while the proposed tax rate stands at 47.7402 cents. This means that even with a lower rate, residents will still experience an increase in their property tax bills. For the average single-family home, this translates to an estimated increase of $47.02 in property taxes if the budget is adopted as proposed.

The meeting also highlighted the city's strong financial performance, with the certified net taxable value rising to $27.8 billion, a 7.6% increase year-over-year. This growth is expected to support various city services, including maintenance and operations, as well as debt obligations.

Additionally, the council reviewed the city's outstanding debt, which has increased by $78.1 million, primarily due to a $70.5 million street bond. The breakdown of the city's debt shows a shift in the ratio of fee-supported to tax-supported debt, now approximately 80% fee-supported and 20% tax-supported, a change attributed to the recent street bond issuance.

As the council prepares for the final budget approval, residents are urged to consider the implications of these tax changes and the overall financial health of the city.