Reference no: EM132652333
A company 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 uncollected and delinquent property taxes 35,000
Total assessed value of property at beginning f 2019 80,000,000
Assessed value of non-taxable village-owned property 1,000,000
Adjustments to assessed values for veterans 800,000
Adjustments to assessed values for senior citizens 1,200,000
Required
Question a. compute the amount of property taxes required to be levied
Question b. computed the tax rate per $100 of net assessed valuation
Question c. Determine the amount of property tax that a homeowner whose property is assessed at $120,000 will have t pay.