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Unformatted text preview: Roads,
Transportation, Hospitals, etc.
Usually Based as a % of “Assessed” House Value
1 mill = .1% of House Value ($1 per $1,000 Assesed) Special assessments: Taxes for specific public
improvements affecting a property
Street, sewer, etc.
Usually charged on a per front foot basis Variety of Exemptions Exist Most Common is a Homestead Exemption for Owners DETERMING TAXABLE VALUE
20 Market Value Very Difficult to Assess
Discuss the Issue After 1st Exam Homestead Property Exemptions
Owner Occupants can Subtract Fixed Amount
Usually Targeted Towards the Elderly
Typically Hurts Renters as Landlords Still Pay Tax What is the Property Tax for a $150,000 House?
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This document was uploaded on 03/13/2014 for the course FIN 3332 at Texas Tech.
- Fall '08