Ron Larson
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5.3 Property Tax

5.3 Property Tax
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  • 15. Percentage of Taxes Going to Schools

    The circle graph shows the types of property taxes collected in a state in one year. What percent of the property taxes went to K-12 schools? See Example 5.)

    • Worked-Out Solution

      From the circle graph, it appears that about 40% of the property taxes went to K-12 schools.

      You can check this using division.

      So, about 42% of the property taxes went to K-12 schools.

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 |  __//   |_____||  /____//   /_____// |______// 
 |_|`-`    `-----`  `-----`    `-----`  `------`  
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  • 16. Military Exemption

    The circle graph shows the types of property taxes collected in a state in one year. Without the military exemption, the state would have collected about 0.06% more in property taxes. Estimate the total military exemption. (See Example 5.)

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    ___    |  ___||   ____      / _ \\      ___   
   /   ||  | ||__    |    \\   | / \ ||    /   || 
  | [] ||  | ||__    | [] ||   | \_/ ||   | [] || 
   \__ ||  |_____||  |  __//    \___//     \__ || 
    -|_||  `-----`   |_|`-`     `---`       -|_|| 
     `-`             `-`                     `-`
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  • 17. Homestead Tax Credit

    The circle graph shows the types of property taxes collected in a state in one year. Without the homestead tax credit, the state would have collected about 2.3% more in property taxes. Estimate the total property taxes that would have been collected without the homestead tax credit. (See Example 5.)

    • Worked-Out Solution

      2.3% of $4.3 billion is

      So, without the homestead tax credit, the county could have collected a total of in property taxes.

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     __   __   __   __    _  __    _____    __   __  
 \ \\/ //  \ \\/ //  | |/ //  |  ___||  \ \\/ // 
  \   //    \ ` //   | ' //   | ||__     \   //  
  / . \\     | ||    | . \\   | ||__     / . \\  
 /_//\_\\    |_||    |_|\_\\  |_____||  /_//\_\\ 
 `-`  --`    `-`'    `-` --`  `-----`   `-`  --`
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  • 18. Veteran Exemption

    In New York, veterans of the following conflicts can receive property tax exemptions on their primary residence, as detailed in the table.

    • Persian Gulf War
    • Vietnam War
    • Korean War
    • World War II
    • World War I
    • Mexican Border Period

    A veteran of the Korean War did not serve in a combat zone and is not disabled. He applies for the military exemption. The assessed value of his Class 1 home is $150,000. How much does he save on property taxes when the tax rate is 85 mills? (See Example 6.)

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     __   _     ______   _    _    __   __            
| || | ||  /_   _// | || | ||  \ \\/ //     ___   
| '--' ||   -| ||-  | || | ||   \ ` //     /   || 
| .--. ||   _| ||_  | \\_/ ||    | ||     | [] || 
|_|| |_||  /_____//  \____//     |_||      \__ || 
`-`  `-`   `-----`    `---`      `-`'       -|_|| 
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  • 19. Veteran Exemption

    In New York, veterans of the following conflicts can receive property tax exemptions on their primary residence, as detailed in the table.

    • Persian Gulf War
    • Vietnam War
    • Korean War
    • World War II
    • World War I
    • Mexican Border Period

    A non disabled veteran of the Persian Gulf War who served in a combat zone applies for the military exemption. The assessed value of her Class 2 property is $140,000. How much does she save on property taxes when the tax rate is 32 mills? (See Example 6.)

    • Worked-Out Solution

      The verteran will save

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     _____     _    _               _____    _    _   
|  __ \\  | || | ||     ___    |  ___|| | || | || 
| |  \ || | || | ||    /   ||  | ||__   | || | || 
| |__/ || | \\_/ ||   | [] ||  | ||__   | \\_/ || 
|_____//   \____//     \__ ||  |_____||  \____//  
 -----`     `---`       -|_||  `-----`    `---`   
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  • 20. Solar and Wind Power

    Texas offers a property tax exemption on qualifying wind and solar power energy devices, such as the solar hot water system shown. These devices generally increase the assessed value of a home. This increase is the amount of the exemption. (See Example 6.)

    1. After installation of the hot water system, the assessed value of a home increases by $15,000 to a total of $175,000. How much is the exemption?
    2. The county tax rate is 9 mills. How much does the exemption save the homeowner in county taxes?
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     _____     __   __    ____     __   __   _____    
|  __ \\   \ \\/ //  |  _ \\   \ \\/ // |  __ \\  
| |  \ ||   \ ` //   | |_| ||   \ ` //  | |  \ || 
| |__/ ||    | ||    | .  //     | ||   | |__/ || 
|_____//     |_||    |_|\_\\     |_||   |_____//  
 -----`      `-`'    `-` --`     `-`'    -----`
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