A property appraised at $520,000 is protested down to $460,000. The $100,000 school exemption applies. School rate is $1.20/100, county rate is $0.50/100 (no county exemption). What are the total tax savings from the protest?
Correct Answer
C) $1,020
Value reduction = $60,000. School savings = $60,000/100×$1.20 = $720. County savings = $60,000/100×$0.50 = $300. Total savings = $1,020.
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A homestead appraised at $360,000 has the $100,000 school exemption plus a 20% optional school homestead exemption. School rate is $1.00/100. What is the school tax?
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A vacant lot in Texas is appraised at $80,000. Total tax rate is $2.00/100. No exemptions apply. What is the annual property tax?