A Dallas property is appraised at $500,000. The owner has the $100,000 school homestead exemption. School rate is $1.20/100 and city rate is $0.50/100 (no city exemption). What is the total combined tax?
Correct Answer
D) $7,300
School = ($500,000−$100,000)/100 × $1.20 = $4,800. City = $500,000/100 × $0.50 = $2,500. Total = $7,300.
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