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What property tax rate would the city need to use

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The City of Hometown has a property tax base with a market value equal to $360 million. The city uses an assessment ratio of 25% and has a 95% collection rate. The city allows homestead exemptions. Citywide, those exemptions total $3.5 million.

A. What property tax rate would the city need to use to generate $5.5 million in property tax revenue? Express your answer as a tax rate per $100 of assessed value.

B. Mr. Jones owns taxable property in the city with a market value of $172,000. Assume that he is eligible for a homestead exemption equal to $6,000 of the assessed value. How much would Mr. Jones owe in taxes given the rate you calculated in Part A?

Reference no: EM132785217

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