6.The town of Stratford is setting its property tax rate for the upcoming year. Its budget calls...
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Question:
6.The town of Stratford is setting its property tax rate for the upcoming year. Its budget calls for spending of $220,000,000, and it anticipates receiving $700,000 in non-property tax revenue. It levies a classified rate structure : nonresidential prop erties pay a rate tha t is double that applied to residential property. Its residen tial assessed value equals $4,000,000,000,and its nonresidential assessed value equals $2,800,000,000. What property tax rates will the town set for residential and nonresidential property?
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