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?
Correct Answer
D) $6,700
Taxable = $280,000−$12,000 = $268,000. Tax = $268,000/100×$2.50 = $6,700.
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Previous Question
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?
Next Question
A Texas property closes on April 1. Annual tax is $7,300. Seller owes January 1 through March 31 (90 days in a 365-day year). What is the seller's prorated tax credit?