A town has a total residential property assessment of $975 500 000. It is originally estimated that $45 567 000 must be raised through residential taxation to meet expenditures.
(a) What tax rate must be set to raise $45 567 000 in property taxes?
(b) What is the property tax on a property assessed at $35 000?
(c) The town later finds that it underestimated building costs. An additional $2000000 in taxes must be raised. Find the increase in the tax rate required to meet these additional costs.
(d) How much more will the property taxes be on the property assessed at $35 000?