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Piccolo Village Determines That It Needs to Raise $3,500,000 in Property

Question 45

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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):
 Property taxes to be collected $3,500,000 Estimated uncollectible and delinquent property taxes $35,000 Total assessed value of property at beginning of 2019 $80,000,000 Assessed value of non-taxable village-0wned property $1,000,000 Adjustments to assessed values for veterans $800,000 Adjustments to assessed values for senior citizens $1,200,000\begin{array}{lr}\text { Property taxes to be collected } & \$ 3,500,000 \\\text { Estimated uncollectible and delinquent property taxes } & \$ 35,000 \\\text { Total assessed value of property at beginning of 2019 } & \$ 80,000,000 \\\text { Assessed value of non-taxable village-0wned property } & \$ 1,000,000 \\\text { Adjustments to assessed values for veterans } & \$ 800,000 \\\text { Adjustments to assessed values for senior citizens } & \$ 1,200,000\end{array} 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.

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