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As the City of Lubbock starts preliminary 2024 budget talks, proposed budget asks for a 2.75% property tax increase along with other asks.
The $929.7 million budget is supported by a property tax rate of 47.012 cents per $100 valuation, which will mean about $15 more in property taxes for the average home valued at about $222,000 ...
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Lubbock County is a county located in the U.S. state of Texas. The 2020 census placed the population at 310,639. [ 1 ] Its county seat and largest city is Lubbock . [ 2 ]
Proposition 3 prohibited any future imposition of a wealth tax. Passed; Proposition 4 made numerous changes to property tax calculation, notably an increase in the homestead exemption from school property taxes from $40,000 to $100,000, and would also add voter-elected members to larger county appraisal districts. Passed
To the extent that the proposed amendment reduces the ad valorem tax burden of the owner of a residence homestead the value of which is rising rapidly and that is located in an appraisal district that does not appraise property annually, the amendment has the effect of shifting the tax burden to other taxpayers, including owners of commercial ...
During a special meeting Tuesday, the Lubbock City Council voted to preliminarily approve next year's budget and tax rate after hearing public input.
A property tax is based upon a property's market value. The ad valorem tax levy is based upon a millage rate which never varies from parcel to parcel. The foundation principles for ad valorem taxes are that each property is valued according to its market value and that each property is taxed based upon a single millage rate that applies to ...
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