Looking at big, expensive homes in Lubbock County

LUBBOCK COUNTY – Sixty homes in Lubbock County are valued at $1 million or higher. Additionally, seven of the top 20 most expensive homes in 2013 are new.

See the Avalanche-Journal’s 100-photo slideshow of Lubbock County’s highest valued homes.

It can take anywhere from 24 to 36 months to build these giant, ornate houses, but the production most likely reached the point of appraisal at the beginning of 2013, according to Tim Radloff, assistant chief appraiser for the Lubbock County Appraisal District.

“Lubbock bankers are very conservative, and that is one of the things that saved us,” said Radloff. “We have strong bankers, strong investors and strong builders.”

Earlier in 2013, Lubbock went from having about seven months of housing inventory to less than four months within a period of 90 days.

The amount of multimillion-dollar homes signifies a strong market, but the tax dollars also help to grow the economy, according to George McMahan, president of the West Texas Home Builders Association.

Local contractors spend nearly half of their budgets on building materials, which means about $10,000 is being paid in local sales taxes before the owners even move in.

The most expensive house in Lubbock, appraised at nearly $3 million, paid about $28,000 in property taxes in 2012. The municipal taxes help fund Lubbock ISD, University Medical Center, city growth and infrastructure projects.

Read more at the Lubbock-Avalanche Journal. Read more at Lubbock NewsTalk Texas.