A Texas homeowner claims the $100,000 school homestead exemption. The school rate is $1.40/100. How much does the exemption save the homeowner annually?
Correct Answer
A) $1,400
Savings = $100,000/100 × $1.40 = $1,400.
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Previous Question
A property closes on July 15. Prior year tax is $8,760. Seller owes January 1 through July 14 (195 days). Using 365 days, what is the seller's prorated credit?
Next Question
Helen, age 70, had her school tax frozen at $2,400 when she turned 65. Property values and school rates have since increased. What is Helen's current school tax?