Ask Question
24 July, 04:09

Given the following information, compute the property tax rate for the community in percentage terms. Total budget expenditures: $108 million, Total non-property tax income: $50 million, Total assessed value of all properties: $2 billion, Total exemptions: $550 million. A. 2.5%

+5
Answers (1)
  1. 24 July, 04:19
    0
    4%

    Explanation:

    The property tax rate required in the given question shall be determined through the following mentioned formula:

    Property tax rate=[ (Budget expenditure-Non property tax income) / Assessed value of the all properties-Total exemption) ]

    Based on the above formula:

    Property tax rate=[ ($108 million - $50 million) / ($2,000 million-$550 million) ]

    Property tax rate=$58 million/$1,450 million

    Property tax rate=4%
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Given the following information, compute the property tax rate for the community in percentage terms. Total budget expenditures: $108 ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers