A town has a total residential property assessment of $975 500 000. It is originally estimated that
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A town has a total residential property assessment of $975 500 000. It is originally estimated that $15 567 000 must be raised through residential taxation to meet expenditures.
(a) What tax rate per $1000 must be set to raise $45 567 000 in property taxes?
(b) What is the property tax on a property assessed at $235 000?
(c) The town later finds that it underestimated building costs. An additional $2 000 000 in taxes must be raised. Calculate 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 $235 000?
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Contemporary Business Mathematics With Canadian Applications
ISBN: 9780135285015
12th Edition
Authors: Ali R. Hassanlou, S. A. Hummelbrunner, Kelly Halliday
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