2. The City of Weston is preparing its budget for calendar year 2020. After estimating revenues from all other sources, the City calculates that it must raise $7,000,000 from property taxes. You are given the following information regarding the tax rate:

Property taxes to be collected $7,000,000

Estimated uncollectible property taxes $70,707

Total assessed value of property at beginning of 2020 $65,000,000

Expected reduction in assessed value from appeals $200,000

Assessed value of City property, not subject to tax $1,400,000

Adjustments to assessed values for senior citizen exemptions $1,000,000

Required:

1. Compute the amount of property taxes required to be levied.
2. Compute the tax rate per $100 of net assessed valuation.
3. Determine the amount of property tax that a home owner whose property is assessed at $35,000 will have to pay.