Question: 3. You have been provided with the information listed below for the City of XYZ. 2024 2025 market value of taxable property $1.3 billion

3. You have been provided with the information listed below for the

3. You have been provided with the information listed below for the City of XYZ. 2024 2025 market value of taxable property $1.3 billion increases by 2.0% from 2024 exemptions $26 million increases by 0.5% from 2024 assessment ratio tax collection rate tax rate 70% 96% 70% 96% 2.05 per $100 AV ??? per $100 AV The City of XYZ is subject to a maximum increase in the property tax levy of five percent annually. Answer each of the questions below to determine what the maximum property tax rate could be in 2025. Be sure to show your calculations. A. What was the property tax levy in 2024? B. What is the maximum property tax levy that would be allowed in 2025? C. What is the estimated market value of taxable property in 2025? D. What is the maximum property rate that the city could use in 2025? Express the rate in dollars per $100 assessed value and show two digits to the right of the decimal point.

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