The City of Lubbock will hold the second of two public hearings Thursday September 1 at 1:30 p.m. for the proposed property tax rate in the coming year. The current rate is $0.53802 and the proposed rate is also $0.53802.
But keeping the same rate is the same as raising taxes for many homeowners because of increasing tax valuations. The city’s property tax revenue also includes new construction and it is estimated to go up 3.88 percent.
Technically, the City of Lubbock will hold two public hearings on September 1. One will be for the tax rate and the other will be for the fiscal year 2016-2017 budget.
The City Council will also have the first reading of the budget at that same meeting.
