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?
Correct Answer
C) $1,800
Daily = $7,300/365 = $20.00. Credit = 90×$20 = $1,800.
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Previous 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?
Next Question
A homeowner pays $6,000 per year in Texas property taxes. Under Texas Tax Code §33.01, the penalty for February delinquency (after January 31 deadline) is 7%. What is the penalty?