Question

The Sunshine County government has the following information concerning the upcoming fiscal year's budget:

Expenditures: $22,500,000

Sales Tax Revenue: $4,000,000

Total Market Value of Property: $750,000,000

User Charge Revenue: $3,250,000

Other Tax Revenue: $1,975,000

Miscellaneous Revenue: $1,275,000

and, a 50% classification ratio for all property. To balance its budget, the County would need to set the millage rate at what tax rate per $100 of assessed value in dollars and cents?

________

If Ms. Smith has taxable property with a market value of $150,000, what would be her tax bill that year in dollars and cents?

________

Answer 1