A small town has a total residential assessment of $1.1 billion. The town must meet expenditures of $300 million.
a) If 80% of the expenditures are charged against residential real estate, calculate then total property taxes that must be raised.
b) Calculate the mill rate.
c) Calculate the property tax on a property assessed at $500 000.00

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The Answer of A small town has a total residential assessment of $1.1 billion. The town must meet expenditures of $300 million.
a) If 80% of the expenditures are charged against residential real estate, calculate then total property taxes that must be raised.
b) Calculate the mill rate.
c) Calculate the property tax on a property assessed at $500 000.00

A Small Town Has a Total Residential Assessment of $1