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Determining the revenue sources

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Midland City has a proposed budget of $7,000,000 for the new fiscal year. The city's market value is $100,000,000 and the city expects to receive state aid of $100 per capita based on its most recent census population of 15,000; it has no other revenue sources. The classification ratio is 25% for all properties. The tax rate per $100 of assessed value would be (in dollars and cents) while the effective rate per $100 market value would be (in dollars and cents)

Reference no: EM132577012

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