Real Estate Math
A Texas property has an assessed value of $320,000. The homestead exemption reduces taxable value by $40,000. The effective tax rate is 2.35%. What are the annual property taxes?
A$6,580✓ Correct
B$7,520
C$6,616
D$7,120
Explanation
Taxable value = $320,000 – $40,000 = $280,000. Annual taxes = $280,000 × 2.35% = $6,580.
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