What is the required rate of increase in the tax rate

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Question: Millville is suffering annual losses of taxable properties and property values of 1% each. Even so, Millville must maintain its tax collections at a constant value of $3.2 million to maintain services. What is the required rate of increase in the tax rate? Note: While Millville uses a rate of 6% for the time value of money, that rate is irrelevant to this problem.

Reference no: EM131806983

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