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A town has a total residential property assessment of $975,500,000. It is originally estimated that...

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Accounting

A town has a total residential property assessment of $975,500,000. It is originally estimated that $45,567,000 must be raised through residential taxation to meet town expenses. (a) What mill rate (to 2 decimals) must be set to raise $45,567,000 in property taxes? (b) What is the property tax on a property assessed at $35,000? (c) If the mill rate increases to 48.76, how much more will the property taxes be on a property assessed at $35,000?

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