Lubbock council adopts FY2025–26 budget on first reading, sets tax rate that raises average homeowner bill $15.33 annually

The Lubbock City Council on first reading approved a $953,898,000 fiscal year 2025–26 budget and set a property tax rate of 0.472191 (0.107586 for interest and sinking and 0.364605 for maintenance and operations), a 2.2% increase from the current rate that city staff said will raise the average single-family homeowner's city tax bill by $15.33 annually.

City Manager Jared Atkinson told the council the final rate followed the council's budget vote and several amendments, and described the adopted numbers as a reduction from the tentative proposal the council had reviewed earlier. "The I and S rate . . . is 0.107586. That is no change from your proposed. For the General Fund's maintenance and operations, it is 0.364605," Atkinson said. "Collectively, the total tax rate would be 0.472191. That is a 2.2% increase in the total tax rate." He also told council the average single-family taxable value used for the calculation was $224,602 and that the household impact under the adopted figures is $1,060.55 per year.

Why it matters: The budget and…