Lubbock ISD: Property tax reduction a "win-win" for homeowners a

Lubbock ISD: Property tax reduction a "win-win" for homeowners and school funds

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LUBBOCK, Texas -

Thanks to the newly-signed school finance reform law, formally known as House Bill 3, your property taxes will go down seven cents if you live in the Lubbock Independent School District.

That revenue is a fundamental factor for the district's funding, and it will cost the district more than $2 million, but the district's chief financial officer, Jeff Baum, said the rate change will actually bring more state money.

"$2 million is a lot from a tax reduction standpoint, but the gain that we will see in our state revenue will more than offset that. We're excited about that because it's really a win-win. The local property taxpayers will pay less and the school will get more revenue. Less from a local standpoint, but more from a state standpoint, so we're very pleased with that," Baum said.

A flip in the script, Baum said this reduction finally forces the state to increase its funding for the district. 
    
"One thing about property taxes is that any time the taxes we have collected in the past have increased locally, the state has decreased their share," Baum said.

Baum said he believes this is a victory for school districts like Lubbock ISD because of this additional revenue, but also for the tax-stricken homeowners. 

"The tenants of House Bill 3 are really two-fold. They wanted to increase dollars that made it to the educational process, but they also wanted to provide property tax relief for local taxpayers, and so they were able to accomplish both," Baum said.

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