A town has an assessed residential property value of $350 000 000. The town council must meet the following expenditures:
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?

Question

A town has an assessed residential property value of $350 000 000. The town council must meet the following expenditures:
  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?

Quizplus · Accepted Answer

The Answer of A town has an assessed residential property value of $350 000 000. The town council must meet the following expenditures:
  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?

A Town Has an Assessed Residential Property Value of $350