Piccolo Village determines that it needs to raise $3,500,000 in property taxes to balance its budget for 2019. The following information is available to determine the tax (millage rate):
Required:
a. Compute the amount of property taxes required to be levied.
b. Compute the tax rate per $100 of net assessed valuation.
c. Determine the amount of property tax that a home owner whose property is assessed at $120,000 will have to pay.
Correct Answer:
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