Property tax reform bill could keep rent prices low

Property tax reform bill could keep rent prices low

Posted:
LUBBOCK, Texas -

Renters could benefit from the property tax protections of House Bill 2, signed into law by Gov. Greg Abbott on Wednesday.

"If you're a renter here in Lubbock, and your property taxes go up at that place that you're living, your landlord shares some of that burden, but also you as a renter will share some of that burden," Drew Gray, director of Stellar Family of Companies and vice president of the board for the Lubbock Apartment Association, said.

Gray said the Property Tax Reform and Transparency Act is a good step toward real property tax reform.

"I think that people here in Lubbock really won't see a drastic change or any difference, they definitely shouldn't see any increases in their taxes," Gray said.

The Lubbock Central Appraisal District plays a large role in the city's property tax base, he said.

"They assess values on the property within Lubbock," he said, "and the assessment of that value is just as important,l if not more important, than the actual tax rate that the local government votes on."

Gray commends Lubbock for keeping rental rates low, but rates in the past have been substantial.

"Being multifamily, which is apartments, and single family rentals, we've seen our income producing businesses really get hammered on more or have larger increases than just your typical home than if you'd be a homeowner here In Lubbock," he said.

A survey in July 2018 indicates there were nearly 130,000 housing units in Lubbock. Of those, more than 57,000 were rentals.

Gray does not expect rental prices to be impacted as a direct result of the bill, he said, but the automatic elections for high rates will keep people involved in the process, including renters.

"Decreasing that limit from 8 percent down to 3.5 percent makes it that much sooner before we have to have a vote on it," he said, "and so it gives voters the chance to vote yes or no on that increase."

  • Top StoriesMore>>

  • Trump raises tariffs on Chinese goods as trade war escalates

    Trump raises tariffs on Chinese goods as trade war escalates

    Friday, August 23 2019 3:31 PM EDT2019-08-23 19:31:25 GMT
    Saturday, August 24 2019 9:21 AM EDT2019-08-24 13:21:48 GMT
    (AP Photo/Susan Walsh, File). FILE - In this June 29, 2019, file photo, President Donald Trump, left, meets with Chinese President Xi Jinping during a meeting on the sidelines of the G-20 summit in Osaka, Japan. China has announced it will raise tariff...(AP Photo/Susan Walsh, File). FILE - In this June 29, 2019, file photo, President Donald Trump, left, meets with Chinese President Xi Jinping during a meeting on the sidelines of the G-20 summit in Osaka, Japan. China has announced it will raise tariff...
    (AP Photo/Susan Walsh, File). FILE - In this June 29, 2019, file photo, President Donald Trump, left, meets with Chinese President Xi Jinping during a meeting on the sidelines of the G-20 summit in Osaka, Japan. China has announced it will raise tariff...(AP Photo/Susan Walsh, File). FILE - In this June 29, 2019, file photo, President Donald Trump, left, meets with Chinese President Xi Jinping during a meeting on the sidelines of the G-20 summit in Osaka, Japan. China has announced it will raise tariff...
    Trump vows response to China tariffs on $75B of US goods, deepening conflict over trade and technology that threatens to tip a weakening global economy into recession.
    Trump vows response to China tariffs on $75B of US goods, deepening conflict over trade and technology that threatens to tip a weakening global economy into recession.
  • All Saints Episcopal School launches new Spanish program with Viva Kids

    All Saints Episcopal School launches new Spanish program with Viva Kids

    "I think a couple things about Viva Kids is that their approach really matches the All Saints philosophy of play with a purpose."
    "I think a couple things about Viva Kids is that their approach really matches the All Saints philosophy of play with a purpose."
  • Texas gun rights lobby pushing back on calls for new laws

    Texas gun rights lobby pushing back on calls for new laws

    (AP Photo/Eric Gay) Gun rights advocates gather outside the Texas Capitol where Texas Gov. Greg Abbott held a round table discussion, Thursday, Aug. 22, 2019, in Austin, Texas.(AP Photo/Eric Gay) Gun rights advocates gather outside the Texas Capitol where Texas Gov. Greg Abbott held a round table discussion, Thursday, Aug. 22, 2019, in Austin, Texas.
    (AP Photo/Eric Gay) Gun rights advocates gather outside the Texas Capitol where Texas Gov. Greg Abbott held a round table discussion, Thursday, Aug. 22, 2019, in Austin, Texas.(AP Photo/Eric Gay) Gun rights advocates gather outside the Texas Capitol where Texas Gov. Greg Abbott held a round table discussion, Thursday, Aug. 22, 2019, in Austin, Texas.
    Texas' muscular gun-rights lobby is swiftly pushing back after Gov. Greg Abbott raised the possibility of tighter firearms laws after a gunman killed 22 people at an El Paso Walmart.
    Texas' muscular gun-rights lobby is swiftly pushing back after Gov. Greg Abbott raised the possibility of tighter firearms laws after a gunman killed 22 people at an El Paso Walmart.
Powered by Frankly