A town has an assessed residential property value of $500 000 000. The town council must meet the following expenditures:

Education ....................................................... $3 050 000
General purposes ......................................... $2 000 000
Recreation ........................................................ $250 000
Public works ..................................................... $700 000
Police and fire protection ............................... $850 000

(a) Suppose 80% of the expenditures are charged against residential real estate. Calculate the total property taxes that must be raised.

(b) What is the tax rate per $1000?

(c) What is the property tax on a property assessed at $375 000?