Real Estate Math
A Texas property is taxed at $2.25 per $100 of taxable value. The appraised value is $425,000 with a $40,000 homestead exemption. What is the annual tax?
A$8,662.50✓ Correct
B$8,775
C$9,000
D$9,562.50
Explanation
Taxable value = $425,000 − $40,000 = $385,000. Annual tax = ($385,000 ÷ $100) × $2.25 = 3,850 × $2.25 = $8,662.50.
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