A homestead was appraised at $320,000 last year. This year, the market value is $380,000. Under the Texas 10% homestead appraisal cap (§23.23), what is the maximum appraised value this year?
Correct Answer
D) $352,000
Cap = $320,000 × 1.10 = $352,000. Even though market value is $380,000, the assessed value is capped at $352,000.
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A Texas property owner pays $4,500 annually with a combined rate of $2.25/100. All of the following are correct EXCEPT:
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A property in Texas is appraised at $440,000. The homeowner qualifies for the $100,000 school exemption. The school rate is $1.25/100. What is the school tax?