(Determination of property tax rate)The City of Westonis preparing its budget for calendar year...(Determination...

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Accounting

(Determination of property tax rate)
The City of Westonis preparing its budget for calendar year 2013. 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 becollected                                                      $7,000,000
           Estimated uncollectible property taxes                                            $70,707
           Total assessed value of property at beginning of2013              $65,000,000
           Expected reduction in assessed value fromappeals                       $200,000
           Assessed value of City property, not subject totax                     $1,400,000
           Adjustments to assessed values for senior citizenexemptions     $1,000,000
Required:
           a.         Compute thegross amount of property taxes required to be levied.
           b.         Compute the taxrate per $100 of net assessed valuation.
           c.         Determine theamount of property tax that a home owner whose property is assessedat $35,000 will have to pay.

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In: Accounting(Determination of property tax rate)The City of Westonis preparing its budget for calendar year...(Determination of property tax rate)The City of Westonis preparing its budget for calendar year 2013. 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 becollected $7,000,000 Estimated uncollectible property taxes $70,707 Total assessed value of property at beginning of2013 $65,000,000 Expected reduction in assessed value fromappeals $200,000 Assessed value of City property, not subject totax $1,400,000 Adjustments to assessed values for senior citizenexemptions $1,000,000Required: a. Compute thegross amount of property taxes required to be levied. b. Compute the taxrate per $100 of net assessed valuation. c. Determine theamount of property tax that a home owner whose property is assessedat $35,000 will have to pay.