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Business, 21.12.2021 23:50 duke4527

The county legislature approved the budget for the current year. Revenues from property taxes are budgeted at $1,080,000. According to the county assessor, the assessed valuation of all of the property in the county is $67,500,000. Of this amount, property worth $13,500,000 belongs to the federal government or to religious organizations and, therefore, is not subject to property taxes. In addition, certificates for the following exemptions have been filed: Homestead $3,375,000 Veterans 1,350,000 Old age, blindness, etc. 675,000 In the past, uncollectible property taxes averaged about 3 percent of the levy. This rate is not expected to change in the foreseeable future. Using all of this information, determine a. the property tax rate per $1,000 of assessed valuations that must be used to collect the desired revenues from property taxes Note: Calculate tax rate per $1,000 of assessed valuation. Note: Round your answer to two decimal places. $Answer per $1,000 of assessed valuation b. the levy on a piece of property that was assessed for $100,000 (after exemptions). Note: Use your rounded answer from above to compute this answer.

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The county legislature approved the budget for the current year. Revenues from property taxes are bu...

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