Deville has an annual budget of $670 million. The city council expects revenue from sales taxes, speeding tickets, and license fees to be $580 million. The city has the following property (with aggregate assessed values in parentheses): 

apartment complexes ($105 million), 

religious buildings ($30 million), 

shopping centres ($85 million), 

public libraries ($45 million), 

industrial warehouses ($150 million), 

public schools ($25 million), 

office buildings ($195 million), and 

factories ($80 million). 

In addition, the city has 3,000 homes with market values of $150,000 each. 

What property tax rate should Deville have if it has a homestead exemption of $30,000 and assessed value equals 70% of market value? 

Answer rating: 100% (QA)

To calculate the property tax rate for Deville we need to determine the total assessed value of all ... View the full answer