The school board in a municipality will require an extra $2,430,000 for its operating budget next year. The current mill rate for the school tax component of property taxes is 7.1253.
a. If the total of the assessed values of properties in the municipality remains at the current figure of $6.78 billion, what value must next year’s school mill rate be set at?
b. If the total of all assessed values rises by 5% over this year’s aggregate assessment, what value must next year’s school mill rate be set at?