Real Estate Math
A Texas property has a market value of $425,000. The assessed value is 100% of market value. The school district tax rate is $1.10 per $100, the city rate is $0.65 per $100, and the county rate is $0.45 per $100. What is the total annual property tax before any exemptions?
A$8,075
B$9,350✓ Correct
C$9,775
D$10,200
Explanation
Combined tax rate = $1.10 + $0.65 + $0.45 = $2.20 per $100. Tax = ($425,000 ÷ $100) × $2.20 = 4,250 × $2.20 = $9,350.
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