Lubbock City Council Sets Proposed Tax Rate

The Lubbock City Council has approved a proposed tax rate. The proposed rate for 2011-2012 is $0.47400, up from 2010-2011’s $0.45617.

On a home valued at $100,000, the proposed rate would cause an increase of just under $17.50.

The council came in under the city’s Truth in Taxation cap of $0.48239. Any higher, and the tax rate would require voter approval.

The council still has the option to change the proposed tax rate over the next few weeks. Two public hearings will be held for the council to hear public input.