Business, 22.02.2021 18:40 fermaluis8015

The county legislature approved the budget for 2019. Revenues from property taxes are budgeted at $800,000. According to the county assessor, the assessed valuation of all of the property in the county is $50 million. Of this amount, property worth $10 million 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 $2,500,000
Veterans 1,000,000
Old age, blindness, etc. 5,00,000

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 that must be used to collect the desired revenues from property taxes.
b. The levy on a piece of property that was assessed for $100,000 (after exemptions).

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The county legislature approved the budget for 2019. Revenues from property taxes are budgeted at $8...

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