LUBBOCK, Texas (KCBD) – Lubbock ISD has set its property tax rate for this school year. While the rate is lower than last year’s, the district says it will raise revenues, but not enough to cover the district’s costs.
The new rate is about 86 cents per hundred dollars valuation. This is more than the district’s “no new revenue” rate, but not enough to trigger an automatic election.
District accountants point out the district does not calculate or prescribe its own tax rate. It is an order from the TEA, according to complicated formulas…