Homes in Lubbock are typically valued just below market value. Market value is 100.0%; the median level of assessment for Lubbock is 97.7. The median time adjusted sales price was $235,000 and the median tax assessment was slightly lower at $229,814, a difference of about 2%.

Lubbock house Value

The portion of homes valued at or below market value is 58% which is favorable compared to most counties. Most counties have 60 to 90% of homes overvalued.

Lubbock County Single Family Median Sale Price

The median Lubbock home sale price in January 2022 was $219,775, based on a study conducted by O’Connor of 5,083 sales in Lubbock County during January 2022 to March 2023.

Lubbock Assessement

Lubbock metro area home prices are down 3.3% while Lubbock County appraisals are up 16.9%. This is a gap of over 20%.

The median level of assessment after time adjusting all sales and comparing to the 2023 tax assessments is 97.7%. This means the median or typical house is valued about 2% below market value. Real property is supposed to be valued at market value. Historically, most appraisal districts have valued homes at 93 to 99% of value.

Lubbock Value Increase

Lubbock County single-family homeowners with property over $1.5M are shocked to see assessed value increases skyrocket by 68.4%!

Lubbock county SQFT Range

Evaluating Lubbock County homes by living area, O’Connor has identified the size ranges with the most significant rise in assessment as properties between 6,000 and 7,999 sq. ft., up 20.2% and properties over 8,000 sq. ft. are up a staggering 26.4% for 2023.

Lubbock county year built range

Lubbock County homes built since the turn of the century have the greatest increase in assessed value, rising by 22%.

Record Over-Assessment in Most Counties

O’Connor has reviewed sales prices and assessed values for 18 counties (and we hope to prepare for 30 counties). Only 3 of the 18 counties have assessed homes at below 100% of market value. Instead, 15 counties have broadly over-valued homes, typically by 9%. This overassessment averages $780 per home for the 15 counties that have overshot market value. This is the first time in Texas history, going back to 1845, that houses have been broadly overvalued.

Commercial Property Assessments Increase over 20% While Values Fall

Lubbock Commercial Property

The average increase for commercial property in Lubbock is 23.3%. Warehouses were increased by 40.4% and apartment, retail and hotels were increased by 27 to 29%. The timing of the increase is inconsistent with macro commercial real estate trends reported in Texas and across the U.S.

2023 Lubbock commercial property
Higher Interest Rate = Higher Cap Rate = Lower Value

10-Year-Treasury rates soared from 1.75% in January 2022 to 3.55% in January 2023. Cap rates are used to convert net income into an estimate of value. The higher the cap rate the lower the value. The rapid chance in valuation has caused the volume of commercial real estate sales to plummet by 70 to 80%. Few owners are selling unless forced by circumstances.

Lubbock County Commercial Property 2023 Assessment % Increase by Property Type


Property Type 2022 Final Market Value 2023 Notice Market Value Increase%
Apartment $1,863,209,758 $2,400,829,448 28.9%
Office $1,087,343,038 $1,235,789,470 13.7%
Retail $777,254,853 $1,000,486,609 28.7%
Warehouse $178,768,345 $251,037,835 40.4%
Hotel $375,572,965 $474,312,424 26.3%
Land $701,607,247 $780,738,723 11.3%
Total $4,983,756,206 $6,143,194,509 23.3%

Lubbock Commercial property built range

Commercial property in Lubbock County is up in assessed value across all years of construction. The property owners experiencing the highest increases are those of property built in 2001 and later with a spike in values of 26.4%.

Lubbock Commercial property Taxable Value

Higher valued commercial property in Lubbock County is seeing the greatest growth in taxable value. Properties valued between $1M and $5M are up in assessed value by over 25%, and properties valued over $5M is up over 29%.

2023 Lubbock Apartment Assessed Value

Apartments owners of older real estate built before 1960 have found assessed value to rocket by 45.4% and owners with property built between 1961 and 1980 are not feeling much comfort to only see increases of 36.1%.

Lubbock County office

Commercial office property in Lubbock County has escalated 2023 assessment values of between 9.3 and 15.5%, with the highest increases for property built between 1961 and 1980.

Lubbock county retail

Retail property in Lubbock County is soaring in assessed value with the most prominent surge for real estate constructed before 1960.

Lubbock county warehouse value range

2023 Lubbock County warehouses have escalated in assessed value by over 56% for property built between 1981 and 2000. Property built in 2001 and since is also up an astonishing amount with values 54% higher.

Lubbock county office sub-type

Lubbock County medical offices seem to be one of the few commercial property types to see assessed values increase by only single digits. Commercial offices are up by 17.8% for 2023.

Lubbock county apartment Sub-type

Small apartments are receiving by far the most extreme upswing in 2023 with assessments up over 112%!

Lubbock county retail Sub-type

The retail properties experiencing the most sting from rising values are neighborhood shopping centers, up 33% in assessed value, closely followed by single tenant retail properties, rising by 31.7% in 2023.

Lubbock county warehouse sub-type

Office warehouse owners in Lubbock County with values up 43.3% won’t garner any sympathy from mini warehouse owners who are seeing their assessments skyrocketing at 61%.

Protest Deadline May 15th

The protest deadline is May 15th. File a protest for each of your properties. O’Connor handles over 150 counties in Texas. When filing the protest, write a note asking the appraisal district to provide a copy of the hearing evidence by mailing it to you. You may be able to obtain the hearing evidence on-line as well.

Residential and commercial property owners in Lubbock County have the right to appeal. If you don’t, the new assessments will stand. Don’t pay more than your fair share!

About O’Connor:

O’Connor is among the largest property tax consulting firms in the United States, providing residential property tax reduction services in Texas, Illinois, and Georgia, as well as commercial property tax reduction services across the United States. O’Connor’s team of professionals possess the resources and market expertise in the areas of property tax, cost segregation, commercial and residential real estate appraisals. The firm was founded in 1974 and employs more than 600 professionals worldwide. O’Connor’s core focus is enriching the lives of property owners through cost effective tax reduction.

Property owners interested in assistance appealing their assessment can enroll in O’Connor’s Property Tax Protection Program ™ . There is no upfront fee, or any fee unless we reduce your property taxes, and easy online enrollment only takes 2 to 3 minutes.

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