Real Estate Math
A Texas homeowner receives a $100,000 homestead exemption on their $350,000 home. If the combined tax rate is $2.50 per $100, what is the annual tax bill?
A$6,250✓ Correct
B$8,750
C$5,000
D$7,500
Explanation
Taxable value = $350,000 − $100,000 = $250,000. Annual tax = ($250,000 ÷ $100) × $2.50 = 2,500 × $2.50 = $6,250.
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