Essay
A town has an assessed residential property value of $350 000 000. The town council must meet the following expenditures:
Education: $11 050 000
General Purposes: $2 100 000
Recreation: $270 000
Public works: $670 000
Police and fire protection: $857 500
a) Suppose 70% of the expenditures are charged against residential real estate. Calculate the total property taxes that must be raised.
b) What is the mill rate?
c) What is the property tax on a property assessed at $235 000?
Correct Answer:
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a) Total expenditure = $(11050000 + 2100...View Answer
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