Market Trends for Lubbock County Tax appraisal Residential Property

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Market Trends for Lubbock County Tax appraisal Residential Property

Lubbock County continues to experience new residential developments, with increasing investments in single-family and multi-family housing. These developments are essential in accommodating population growth and market demand.

Growth in New Residential Construction

  • Over 1,450 new residential properties were added to the market in 2023, categorized as residential inventory​.
  • The market value of newly constructed residential properties has increased significantly, reaching $91.6 million in 2023​.
  • The average taxable value of new residential developments continues to rise, ensuring growth in the local tax base.

New residential property construction has played a major role in Lubbock County’s property market.

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Investment in Residential Infrastructure

  • The continuous rise in residential property values highlights the importance of infrastructure investment in Lubbock County.
  • The City of Lubbock alone has seen a total market value increase of $28.1 billion in residential properties​.
  • Suburban and smaller cities, including Wolfforth, Slaton, and Ransom Canyon, have experienced rapid property value growth, reflecting an expanding housing market​.

Residential Property Tax Trends in Lubbock County

  • The average taxable value of a single-family residence in Lubbock County increased to $207,092 in 2023, marking steady growth​.
  • Property tax exemptions help homeowners reduce their tax burdens, with over $1.2 billion in exemptions applied across Lubbock County in 2023​.
  • Homestead exemptions alone accounted for over $100,000 in reductions per qualified property, benefiting thousands of homeowners.

Property tax assessments for residential properties in Lubbock County continue to evolve, reflecting market trends and changes in taxable values.

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