Taxes will be going down for taxpayers in one Panhandle area.
Last week, members of the High Plains Underground Water Conservation District voted to reduce their tax rate below the no-new-revenue (NNR) rate for the 2021-2022 fiscal year. Under the approved rate, taxpayers in the HPWD will pay a tax rate of $0.0051 per $100 valuation, which is below the current rate of $0.005243 per $100 valuation.
Formerly called the effective tax rate, the NNR would collect the same overall revenue from properties taxed the previous year, in an effort to keep tax bills stable even as property values rise, though individual results may vary.
The tax rate approved by the HPWD for the upcoming fiscal year is the lowest rate adopted by the body since at least the 1990s. According to the HPWD, with this year’s approved rate, taxpayers with properties valued at $100,000 will pay $5.10 in property taxes, which is roughly 40 cents less than the amount levied on a similarly valued property during the current fiscal year.
According to the HPWD’s website, within the taxing district for this entity are Bailey, Cochran, Hale, Lamb, Lubbock, Lynn, Parmer, and Swisher counties. Parts of Armstrong, Castro, Crosby, Deaf Smith, Floyd, Hockley, Potter, and Randall counties are also included.
For more information about this year’s approved tax rate for the HPWD, visit this link.