Microsoft Word - AdValoremTaxes

AdValoremTaxes



The2021budgetincludesadvaloremtax revenueintheamount  of $75,396,337 or 31% of all

revenue.The following factors are considered:(1) the tax base increased by an average of

5.86%or$1,117,165,265toanadjustedtaxablevaluationof$20,193,574,255.Thetaxratewas

$0.339978 per $100 valuation in 2020 and Commissioners’ Court has adopted $0.339978 per

$100 valuation in fiscal year 2021.(2) New property added to the tax roll provides

approximately $2,000,381 in additional revenues.(3)”Truth in Taxation” law establishes

guidelinesforgovernmententitiestofollowwhensettingtaxrates.Theeffectivetaxratewas

derivedfrom theprior year totaltax levy,andis adjusted for current yearchanges inexisting

propertyvaluationandlostpropertyfromthetaxroll.



PropertytaxesareleviedbyOctober1onthe assessedvaluelistedasofthepriorJanuary1for

allrealandbusinesspersonalpropertyinconformitywithTexasPropertyCode.Taxesaredue

onreceiptofthetaxbillandaredelinquentifnotpaidbyF ebruary1oftheyearfollowingthe

yearinwhichimposed.OnJanuary1ofeachyear,ataxlienisattachedtopropertytosecure

thepaymentofalltaxes,penalties,andinterestultimatelyimposed.



Lubbock County maintains a high collection of property tax.Historically, tax collections total

approximately 99% of the tax levy. The County encourages the Lubbock Central Appraisal

District(LCAD)tofollowanaggressivepolicyofcollectingpropertytaxrevenues.



LUBBOCK COUNTY, TEXAS

ADOPTED BUDGET 2020-2021

TAX DISTRIBUTION BY FUND

Total

Tax Gross Tax

Description of Fund Rate Taxes Distribution

General Fund 0.289342 64,166,909.66$ 85.11%

Permanent Improvement 0.010000 2,217,683.91$ 2.94%

Precinct 1 Park 0.000500 110,884.20$ 0.15%

Slaton/Roosevelt Parks 0.000500 110,884.20$ 0.15%

Idalou/New Deal Parks 0.000500 110,884.20$ 0.15%

Shallowater Parks 0.000500 110,884.20$ 0.15%

Debt Service 0.038636 8,568,243.54$ 11.36%

TOTAL TAX RATE/TAX LEVY 0.339978 75,396,373.88$ 100.00%

$48.1

$52.4

$53.8

$55.6

$60.7

$63.8

$67.3

$69.7

$72.0

$75.3

$‐

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

$70.0

$80.0

LubbockCounty,Texas

AdValoremTaxRevenue

0.31500

0.32000

0.32500

0.33000

0.33500

0.34000

0.34500

0.35000

0.35500

0.36000

'12 '13 '14 '15 '16 '17 '18 '19 '20 '21

CentsPer$100Value

FiscalYear

LUBBOCKCOUNTY,TEXAS

TENYEARTAXRATEHISTORY

LUBBOCK COUNTY, TEXAS

ADOPTED BUDGET 2020-2021

TAX RATES BY FUND

Tax Tax Tax Tax Tax Tax Tax Tax Tax Tax

Rate Rate Rate Rate Rate Rate Rate Rate Rate Rate

Funds 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

GeneralFund 0.274946 0.289123 0.286094 0.283969 0.302542 0.303168 0.309104 0.296757 0.288650 0.289342

PermanentImprovemen

0.005000 0.010000 0.010000 0.010000 0.010000 0.010000 0.010000 0.010000 0.010000 0.010000

Precinct1Par

0.000500 0.000500 0.000500 0.000500 0.000500 0.000500 0.000500 0.000500 0.000500 0.000500

Slaton/RooseveltPark

0.000500 0.000500 0.000500 0.000500 0.000500 0.000500 0.000500 0.000500 0.000500 0.000500

Idalou/NewDealPark

0.000500 0.000500 0.000500 0.000500 0.000500 0.000500 0.000500 0.000500 0.000500 0.000500

ShallowaterPark

0.000500 0.000500 0.000500 0.000500 0.000500 0.000500 0.000500 0.000500 0.000500 0.000500

DebtService 0.047512 0.045354 0.047216 0.045389 0.043616 0.042990 0.037054 0.039329 0.039329 0.038636

TOTA

0.329458 0.346477 0.345310 0.341358 0.358158 0.358158 0.358158 0.348086 0.339979 0.339978

FortheAverage$157,144Home

CountytaxesforFY2020‐2021onthesamehousewouldbe$534.26basedonthepropertytaxrateof.339978¢per$100valuation.

Allcalculationsarebasedonthecountyaveragetaxablevalueofasinglefamilyhomein2020asprovidedbyLCAD.

Changes in an individual taxpayer's county taxes are dependent on the specific change in property valuation. The above figures are presented for comparison purposes

only.

Thefollowingchartdisplaysasummaryoftaxespaidbytheaveragehomeownerincludingcity,school,andcountytaxesforFY2020‐2021.Thechart showsthatonly

16.72%oftaxespaidontheaveragehomeareforCountytaxes.

LUBBOCKCOUNTY,TEXAS

PROPERTYTAXANALYSISFORAVERAGEHOMEOWNER

County taxes for FY 2019‐2020 on a $150,852 home, which was the county average, were $512.86 based on the ad opted tax rate o

.339978¢ per $100 valuation.

Valuationsfortheaveragehomefor2020increasedbyanestimatedaverageof4.2%.Ahomevaluedat$150,852wouldhave,onanaverage,acurrentvalueof$157,144.

the valuation on your home was $150,852 in FY 2019‐2020 and remained the same in 2020‐2021, county taxes on your home would be $512.86, which is the same per

year. If your appraisal increased by an estimated 4.2%, taxes will increase by $21.39 per year or $1.78 per month in 2020‐2021.

SchoolDistrict

$1,809

56.64%

CityofLubbock

$851or26.64%

TotalTaxes

$3,194

LubbockCounty

$534or16.72%

LUBBOCKCOUNTY,TEXAS

ADOPTEDBUDGET2020‐2021

ANALYSISOFREVENUEDERIVEDBYTAXRATE

ADJUSTEDTAXABLEVALUE 20,193,574,255.00$ 

M&OTAXRATE/$100VALUATION 0.301342  60,851,720.53$ 



I&STAXRATE/$100VALUATION

CertificatesofObligation 20,193,574,255.00$ 

TOTALI&S 0.038636

 7,801,989.35$ 

PROJECTEDLEVYW/OOVER65 68,653,709.88$ 

ESTIMATEDLEVYOFOVER65 6,742,664.00$





TOTALGROSSLEVY 0.339978

 75,396,373.88$ 

DISTRIBUTION REVBYFUND ESTIMATED TOTAL

FUNDNAME TAXRATE

FOROVER65LEVY OVER65 REVENUE TAXREVENUE

GENERALFUND 0.289342  85.1061% 5,738,418.04$ 58,428,491.62$  64,166,909.66$

PERMANENTIMPROVEMENTFUND 0.010000  2.9414% 198,326.48$ 2,019,357.43$  2,217,683.91$ 

PRECINCT1PARK 0.000500  0.1471% 9,916.32$  100,967.87$  110,884.20$ 

SLATON/ROOSEVELTPARKS 0.000500  0.1471% 9,916.32$  100,967.87$  110,884.20$ 

IDALOU/NEWDEALPARKS 0.000500  0.1471% 9,916.32$  100,967.87$  110,884.20$ 

SHALLOWATERPARKS 0.000500  0.1471% 9,916.32$  100,967.87$  110,884.20$ 

SUBTOTALforM&O 0.301342  88.6357% 5,976,409.81$ 60,851,720.53$  66,828,130.34

$

INTEREST&SINKINGFUND 0.038636

 11.3643% 766,254.19$ 7,801,989.35$  8,568,243.54$

ESTIMATEDLEVYOFOVER65 6,742,664.00$ 6,742,664.00$ 

TOTALTAXESBUDGETED 0.339978

 100.0000% 75,396,373.88$  75,396,373.88$

SalesandUseTax



A sales and use tax of one‐half of one percent, which is collected by the State of Texas, was

approved by voters of Lubbock County and went into effect on January 1, 1988.This tax is

imposedonthevalueoftaxableitemssoldandisenforcedandcollectedby theComptrollerof

Public Accounts ofthe State ofTexas. Proceeds are remittedmonthly lessa small service fee.

Theproceedsare creditedtotheGene ralFund.Thetaxisusedtofundoperations,whichhelps

defray county property tax.Actual county sales and use tax received in FY 2019 was

$26,378,687.Budgeted county sales tax  for the 2021 budget increased by $712,386 from

$27,378,500inthe2020budgetto$28,090,886inthe2021budget.Salesandusetaxrevenue

accountsforapproximately11%ofallLubbockCountyrevenue.



Thefollowingchartdisplaysthesalestaxrevenueforthepasttenyears.



IntergovernmentalRevenues



Intergovernmentalrevenues are revenuesreceivedfrom otherunits of government, including

grantrevenues.AsofthebeginningofFY2021,LubbockCountyanticipatesthatthisrevenue

source will make up about 7.0% of total budgeted revenue.In special circumstances, the

County may receive one‐time funding from other governmental entities and this revenue

sourceisusedtoaccountforthosespecialfunds.Therearenoincreasesin2021inthistypeof

revenue.

