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?
Correct Answer
B) $4,250
Taxable = $440,000−$100,000 = $340,000. Tax = $340,000/100×$1.25 = $4,250.
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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?
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In Texas, property taxes are based on the value of real property. What is the legal term for this type of tax?