Two Lubbock homes with the same price, the same city services and the same county can come with annual tax bills hundreds of dollars apart. Almost all of that gap comes from one line on the bill, the school district. Around Waters Elementary at 3006 78th Street, that line is Lubbock ISD. For 2026, Lubbock ISD's rate is about 30 cents per $100 of value lower than Frenship ISD's and lower still than what Lubbock-Cooper ISD voters are being asked to approve this fall.
There's also a catch that comes before any rate comparison. The tax figure printed on a resale listing usually isn't the bill a buyer will pay.
The tax number on a listing belongs to the seller
Texas limits how fast the appraised value of a homestead can rise. According to the Texas Comptroller, a qualifying homeowner's appraised value can't go up more than 10 percent a year, plus the value of any new improvements. If an owner has held a home through several years of rising values, their capped appraisal can sit well below what the market says the house is worth.
That cap doesn't transfer to the buyer. Under Texas Tax Code Section 23.23, the limitation expires on January 1 of the first tax year in which neither the owner who qualified for it nor that owner's spouse or surviving spouse still qualifies for the homestead exemption.
In practice, a long-held Waters home can show a tax history built on a value the market passed years ago. Once you own it, the appraisal district appraises it at market value, and the cap starts over with your own qualification.
The exemption you inherit is the one you apply for
The cap isn't the only thing that resets. The Comptroller says a property owner generally has to apply for an exemption. If you buy a home after January 1, the general homestead exemption may apply to the part of that tax year you own it, as long as the prior owner didn't already receive the same exemption for that year.
That exemption is large for school taxes. The Comptroller's exemptions page states that school districts must provide a $140,000 residence homestead exemption. The Comptroller's summary of 2025 law changes says SB 4 raised it from $100,000, conditional on voters approving SJR 2, starting with tax year 2025.
That $140,000 matters most on the school line, which is the line where Lubbock's districts differ the most.
The 2026 rates, line by line
These are the 2026 rates per $100 of valuation for each taxing unit on a typical bill inside Lubbock city limits. The school district column is the only one that changes.
| Taxing unit | 2026 rate per $100 | Source |
|---|---|---|
| City of Lubbock | $0.507349 | Adopted September 8, 2026 |
| Lubbock County | $0.322782 | Approved September 14, 2026 |
| Lubbock County Hospital District / UMC | $0.099932 | Adopted September 14, 2026 |
| High Plains Underground Water Conservation District | $0.002976 | Adopted September 8, 2026 |
| Lubbock ISD | $0.8604 | Set August 2026 |
| Frenship ISD | $1.1567 | Set August 2026 |
| Lubbock-Cooper ISD | $1.1969, pending November 3 vote | Set August 2026 |
Added together, the non-school units come to about $0.933 per $100. With Lubbock ISD on top, the combined rate is roughly $1.793. Swap in Frenship ISD and it's roughly $2.090. That's a gap of about 29.6 cents per $100, and every bit of it comes from the school line.
The city rate rose this year, but it rose for everyone. Lubbock Lights reported that the council's rate came out at 50.7349 cents, above the 47.5154-cent no-new-revenue rate and below the 51.3421-cent maximum it had proposed. Mayor Mark McBrayer told the outlet, "This is the first time I've ever voted for a budget that was not a no-new-revenue rate," and said the increase above that baseline paid for the police and fire Meet and Confer agreements. A Waters address and a Frenship address inside city limits both pay that city rate. Comparing them on the city line shows no difference.
What the gap looks like in dollars
Take a home with a $250,000 appraised value. This is a round, illustrative number, not a Waters median. Run only the school line, since that's where the districts differ, and assume the full $140,000 school homestead exemption applies.
- Owner-occupant in Lubbock ISD: $110,000 taxable × $0.8604 per $100 ≈ $946 a year in school tax
- Owner-occupant in Frenship ISD: $110,000 taxable × $1.1567 per $100 ≈ $1,272 a year
- Investor, no homestead, in Lubbock ISD: $250,000 × $0.8604 per $100 ≈ $2,151 a year
- Investor, no homestead, in Frenship ISD: $250,000 × $1.1567 per $100 ≈ $2,892 a year
For the owner-occupant, the exemption shrinks the difference to about $326 a year. For a buyer who won't live in the home, nothing shrinks it, and the gap is about $741 a year at that value. That makes the school line the biggest recurring cost difference for the small-scale investors and rental buyers who look around Waters, much more than for the families who would qualify for a homestead.
The exemption also changed how Lubbock ISD's own rate behaves. KCBD reported that the district's new rate is lower than last year's but still had to be labeled a "tax rate increase" because it sits above the 85.7153-cent no-new-revenue rate. Chief financial officer Dewayne Wilkins told the station, "This happens because of large homestead exemption increases." The district also reported that the exemption took about $1 billion of taxable property off its rolls this year. When a larger exemption shrinks the tax base, the per-$100 rate gets pushed up even as homestead bills go down. Non-homestead owners don't get the exemption, so they feel that push most directly.
Lubbock-Cooper's number is on the ballot right now
If the homes you're comparing include some in Lubbock-Cooper ISD, the school line there isn't settled yet. KCBD reported that trustees set a $1.1969 rate in August. Because it exceeds the voter-approval rate, state law triggers an automatic election.
According to the district's VATRE page, the election covers a three-cent increase that would bring in about $3.85 million a year in recurring operating money for staff pay, programs, supplies, safety, utilities and transportation. It wouldn't create new debt or pay for construction. Early voting runs through Friday, October 30, and Election Day is Tuesday, November 3, 2026. KCBD reported the district's estimate that the rate would add about $144 a year to the average homeowner's bill.
If it passes, the combined rate for a Lubbock-Cooper home inside city limits comes to about $2.130 per $100. If it fails, the school rate stays three cents lower. Either way, it ends up above the Waters combined rate by roughly 30 cents or more.
Checking a specific address before you write an offer
District lines don't always follow street names or subdivision signs, so the reliable way to know a home's tax picture is to look up its parcel.
- Confirm the taxing units. The Lubbock County tax rate site shows which units apply to a property and what 2026 rates mean for its bill.
- Look at the appraisal, not just the tax history. Lubbock Central Appraisal District mailed 2026 notices starting April 1, based on values as of January 1, 2026. Its August 2026 notice describes a local database that shows property-specific values, rates and estimated taxes. A wide gap between appraised value and asking price usually means a cap has been at work.
- Rebuild the bill with your numbers. Use your expected value, your own exemption status and the 2026 rates above. A buyer who plans to live in the home and one who plans to rent it will get two very different answers.
- Read the exemption rules for your situation. The Comptroller's exemptions page explains who qualifies for a residence homestead exemption and how the application works for a home bought partway through the year.
FAQ
Does buying a home in Waters mean my taxes jump right away? Under Tax Code Section 23.23, the seller's cap expires on January 1 of the first tax year in which neither the seller nor the seller's spouse or surviving spouse qualifies for the homestead exemption. Your bill is based on the appraised value and exemptions that apply to you as the new owner, not on the seller's history.
Is the city rate different between Waters and Frenship-area homes? Not for homes inside Lubbock city limits. Both pay the City of Lubbock's 2026 rate of $0.507349 per $100. The school district line is where they differ.
Will the Lubbock-Cooper election change Waters bills? No. Waters is served by Lubbock ISD. The November 3 vote affects only properties in Lubbock-Cooper ISD.
This post is general information, not legal, tax or financial advice. Before you rely on any figure, confirm your own situation with the appraisal district, a tax professional or your lender.
If you're weighing a Waters home against one across a district line, Real Estate by Anna can pull the parcel details, rebuild the bill with your own numbers and your renovation plans, and make the comparison clear before you write an offer. Schedule a free consultation.
