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18.(Determination of property tax rate)The City of Weston is preparing its budget for calendar year 2009....

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Accounting

18.(Determination of property tax rate)The City of Weston ispreparing its budget for calendar year 2009. After estimatingrevenues from all other sources, the City calculates that it mustraise $7,000,000 from property taxes. You are given the followinginformation regarding the tax rate:

Property taxes to be collected$            7,000,000
Allowancefor uncollectible property taxes =1% of the levy
Totalassessed value of property at beginning of 2009$          65,000,000
Expectedreduction in assessed value from appeals$               200,000
Assessedvalue of City property, not subject to tax$            1,400,000
Adjustments to assessed values for senior citizen exemptions$            1,000,000

a. Compute the gross amount of property taxesrequired to be levied.

b. Compute the tax rate per $100 of net assessedvaluation.

c. Determine the amount of property tax that a homeowner whose property is assessed at $35,000 will have topay.

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