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USE THE FOLLOWING DATA TO ANSWER THE QUESTION

Question 6

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USE THE FOLLOWING DATA TO ANSWER THE QUESTION.
Hicksville has a proposed budget of $7,000,000 for the fiscal year. The city has an assessed value of $100,000,000 and will receive state aid of $100 per capita based on its 2000 census population of 15,000. Assessed value equals 25% of market value.

-What is the effective tax rate in Hicksville?


A) .01375
B) .01750
C) .05500
D) .07000

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