Lubbock Property Taxes
Since Texas has no income tax, property taxes are the major source of income for local governments and municipalities. In the city of Lubbock, property taxes get levied by the city, county, schools and by special districts. Special districts include water utilities, hospital districts, municipal districts, and property improvement districts. Depending on where a property is located, it could be subject to taxes of up to 2.52% of its value as of 2013.
Taxes in Lubbock are due on January 1st and become delinquent on February 1st. Penalties start at 7 percent and reach 38 percent on July 1st. Interest keeps accruing from that point and you could end up spending almost 48 percent extra in the 1st year of delinquency. Lubbock property tax loans pay your past due taxes and let you spread your payments out over as long as 10 years. While you'll still pay interest from the tax lender, it will be more affordable than the tax collector's penalties and interest rates. Lubbock property tax loans have helped thousands of Lubbock property owners and allowed them to avoid the excessive tax assessor penalties.
Lubbock Property Tax Exemptions
Residents of Lubbock do not get a lot of help with their property taxes since exemptions are few and far between. The Homestead exemption reduces property values by $15,000 for school tax purposes. Disabled persons or veterans and senior citizens get some additional benefits, as well. If you find yourself in a cash crunch when your tax bill arrives, these small exemptions will provide limited relief. Lubbock residents that need help with their taxes should consider a Lubbock property tax loan as a quick and easy way to solve their tax problem. Tax loans are easy to qualify for and can save you money compared to the penalties charged by the tax assessors.
All about Lubbock
City of Lubbock Official Website
Located in the center of the world's best cotton-growing region, Lubbock is home to almost 300,000 people. It features a major university -- Texas Tech -- and its own UFO controversy. Lubbock was home to Buddy Holly and many famous country musicians, and hosts the National Cowboy Symposium and Celebration.