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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