The assessed value of all the property in the County is $60,000,000 according to the...
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The assessed value of all the property in the County is $60,000,000 according to the property appraiser. Of this amount, $5,000,000 belongs to the federal government or religious organizations and therefore, is not subject to property taxes. In addition, certificates for the following exemptions have been filed:
Homestead: 1,035,000
Veterans: 215,000
Widows: 215,000
Old age, blindness, etc.: 125,000
In the past, uncollectible property taxes averaged 1.5% of the levy. Using all the information, determine the property tax rate per $1,000 of assessed valuations (millage rate) that must be used to collect the desired revenues from property taxes. Show all your work.
The assessed value of all the property in the County is $60,000,000 according to the property appraiser. Of this amount, $5,000,000 belongs to the federal government or religious organizations and therefore, is not subject to property taxes. In addition, certificates for the following exemptions have been filed:
Homestead: 1,035,000
Veterans: 215,000
Widows: 215,000
Old age, blindness, etc.: 125,000
In the past, uncollectible property taxes averaged 1.5% of the levy. Using all the information, determine the property tax rate per $1,000 of assessed valuations (millage rate) that must be used to collect the desired revenues from property taxes. Show all your work.
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