Solution-Compute the millage rate, Total assessed value of

Compute the millage rate

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Problem - The City of Weston is preparing its budget for calendar year 2012. After estimating revenues from all other sources, the City calculates that it must raise $7,000,000 from property taxes. You are given the following information regarding the tax rate:

Property taxes to be collected: $7,000,000

Allowance for uncollectible property taxes: 5% of the levy

Total assessed value of property at the beginning of 2012: $65,000,000

Expected reduction in assessed value from appeals: $200,000

Assessed value of City property, not subject to tax: $1,400,000

Senior citizen exemptions: $1,000,000

Required - Compute the millage rate (in decimal form).

Reference no: EM132465436

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Compute the millage rate

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Reference no: EM132465436

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