Local Property Taxes Expected to Go Up
Some Lee County homeowners can expect to pay an average of 30% more in (county) property taxes this year if the proposed tax rate passes. The average taxable value of a residence homestead in Lee County was $95,842 last year, but the taxable value of the same home this year has an appraised value of $113,106. Take that fact along with a proposed tax rate increase to make up for lost tax revenue from oil and gas properties, just to name one, and homeowners could see a significant increase in the amount they have to pay for their county property taxes.
In 2008, the average homeowner paid $548.98 for property taxes to the County. If this year's proposed rate passes, that same homeowner would pay $721.39, an increase of $172.41, or 31.4%
Commissioners set the tax rate for 2009-2010 at $0.6275 compared with the current rate of $0.5728 for the current year during last Monday's Commissioners' Court meeting. The County will be hosting two public hearings on the proposal, the first of which will be held on September 4 at 9 a.m. at the 1st floor courtroom in the County Courthouse and the second one of which will be held on September 14, at 2 p.m. at the 1st floor courtroom in the County Courthouse.
The County does want to let everyone know that, despite the need to increase tax revenue, raising the tax rate does not mean everyone will see their taxes go up. The County's public notice, published in today's paper, clearly states, "Your individual taxes may increase at a greater or lesser rate, or even decrease, depending on the change in the taxable value of your property in relation to the change in taxable value of all other property and the tax rate that is adopted."