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Calculate the property tax rate as a millage rate rounded

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1. Calculate the property tax rate as a millage rate rounded to the nearest thousandth, given the following parameters: total assessed property value is $5.5 billion, total desired revenue is $75 million, the assessment ratio is 100%, and 15% of amounts due (by property value) will be unpaid.

2. Calculate the amount of revenue that will actually be raised using the rounded property tax rate calculated in the preceding question.

Please show work and formula.

Reference no: EM13479806

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