Given the following information, compute the property tax rate for the community in percentage terms. Total budget expenditures: $108 million, Total non-property tax income: $50 million, Total assessed value of all properties: $2 billion, Total exemptions: $550 million.

Question

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The property tax rate is calculated by dividing the amount needed from property taxes by the taxable assessed value. The amount needed from property taxes is $108 million (total budget) minus $50 million (non-property tax income), which equals $58 million. The taxable assessed value is $2 billion minus $550 million (exemptions), which equals $1.45 billion. The property tax rate is ($58 million / $1.45 billion) * 100% = 4.0%.

Given the Following Information, Compute the Property Tax Rate for the Community