Produce balanced budget-about the property tax bill

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Reference no: EM131544590

The following data are for the town of Paragon (Paragon is required to produce a balanced budget) in the fiscal year ending June 30, 2009:

• Budgeted town expenditures: $15,000,000.00

• Estimated non-property tax revenues: $11,000,000.00

• Appraised value of property: $200,000,000.00

• Total exemptions for the elderly: $8,000,000.00

• Assessment ratio: 60%

The Johnson family has property with an appraised value of $90,000.00. The family is not entitled to any exemptions. Calculate their 2009 property tax bill.

Their 2009 property tax bill is $_____________.

Reference no: EM131544590

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