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Regular City Council Meeting
Ordinance 2nd Reading - Finance:
Consider Ordinance No. 2019-O0130; setting the tax rate and levying a tax upon all property subject to taxation within the City of Lubbock for 2019; apportioning said levy among the various funds and items for which revenue must be raised; fixing the times in which said taxes shall be paid and assessing penalty and interest for nonpayment of such taxes within the time provided.
The property tax is proposed at $0.55802 per $100 valuation. The tax rate is distributed as follows:
General Fund Maintenance and Operations
Interest and Sinking Fund
The General Fund Maintenance and Operations tax rate will generate $68,856,999; the Interest and Sinking Fund tax rate will generate $22,511,041; and the Economic Development tax rate will generate $3,954,550.
D. Blu Kostelich, Chief Financial Officer
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