Lubbock School Districts Cut Tax Rates as Property Values ​​Rise

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LUBBOCK, Texas (KCBD) – Lubbock County’s largest school districts have all set a lower property tax rate for the coming fiscal year, but higher property values ​​will bring more revenue to districts and most owners will pay more.

Lubbock ISD, Frenship ISD, and Lubbock Cooper ISD have all passed rates that are not high enough to require voter approval, but rather district board approval.

Lubbock ISD lowered its full rate by about four cents to $1.0920. About 92 cents of it will go to maintenance and operations and 17 cents will go to interest and amortization, or debt repayment. Increasing property values, which are set by the Lubbock Central Appraisal District and not school districts, will generate more revenue. The owner of a $100,000 home will pay about $23 more for the Maintenance and Operation portion of the tax rate.

Frenship ISD pegged its total rate at $1.34440, three cents lower than last year. The maintenance and operation portion is 86 cents while the interest and sinking is 48 cents. A $100,000 home in the district will have a $48.73 increase in property taxes.

“If you’ve been in the Frenship District and walked around, you’ll see lots of rooftops and lots of housing developments being built,” said Farley Reeves, FISD Deputy Superintendent and Chief Financial Officer. “All of this increases the value of your property that the school district receives taxes on. This is also what helps lower the maintenance and operating tax rate as you gain value on the properties. Therefore, you need less taxes on maintenance operations to run the whole system. »

The Lubbock Cooper ISD property tax rate also decreased by about two cents to $1.3546, with 85 cents for maintenance and operations and 50 cents for interest and depreciation. Taxes on a house worth $100,000 will increase by $85.15.

“Fifty cents of that tax rate is our bond debt, which in a fast-growing district, taxpayers voted to issue bonds,” said Danny Davis, LCID assistant superintendent for business and operations. “It serves our debt so we can continue to build facilities for our growing student population.”

Growth feeds a larger tax base for the districts but also a larger student population.

“We’re growing at a rate of about 3.5 to 4 percent of the student population per year,” Reeves said. “We have 11,160 students enrolled and that number will continue to grow for us until mid-October. As we continue to do, this means you are placing more students in the facilities you have. Therefore, you need to expand your walls to accommodate more children. We want to try to maintain the student-teacher ratio that is functional for a learning atmosphere and environment.

Davis told KCBD that his goal is to achieve the vision of the board and the superintendent with taxpayer dollars.

“We want to be conservative with the money,” Davis said. “We want to be efficient and spend the money first on educational programs, teachers, teachers’ salaries. The board is very interested in increasing teacher salaries and we have been consistent in doing so and being competitive in terms of staff and salaries but also high academic standards. We ensure that our money is invested in these areas.

Frenship ISD also aims to meet the needs of its students with the support of its taxpayers.

“Our goal is to make sure we’re very responsible for the needs of our audience,” Reeves said. “We want to provide the best opportunity for children and we also want to be very financially responsible.”

There are some exemptions for property taxpayers. Anyone who owns a home is eligible for a Homestead Exemption which could be $40,000 on the value of your home. For people age 65 and over, a homestead exemption can freeze a tax rate. Applications for property tax exemption are filed with the assessment district.

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