A homestead is appraised at $600,000 with the $100,000 school exemption. Three entities levy taxes: school $1.00/100, county $0.40/100, city $0.60/100. The $100,000 exemption applies only to school. What is the total annual tax?
Correct Answer
B) $11,000
School = ($600,000−$100,000)/100×$1.00 = $5,000. County = $600,000/100×$0.40 = $2,400. City = $600,000/100×$0.60 = $3,600. Total = $5,000+$2,400+$3,600 = $11,000.
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Previous 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?
Next Question
A disabled veteran with a 70% VA disability rating owns a Texas property appraised at $280,000. Under §11.22, the veteran qualifies for a $12,000 exemption from all taxing entities. Combined rate is $2.50/100. What is the annual tax?