4 (50 points). Steervursh has an annual budget of $8.2 billion. The city council expects revenue from sales taxes, speeding tickets, and license fees to be $7.1 billion. The city has a homestead exemption of $150,000 and sets the property tax rate to balance the budget. Assessed value is 90% of market value.

The city has the following types of property (with aggregate assessed values in parentheses): state university ($1.4 billion), office buildings ($4.2 billion), public K-12 schools ($700 million), warehouses ($600 million), other commercial property ($7.8 billion), and property owned by religious organizations ($400 million).

The city also has 60,000 homes (single-family houses) with an average market value of $300,000 each. Each home has a market value of at least $170,000.

Lori owns property with a market value of $870,000 and the only property tax she is potentially subject to is the city's property tax.

a. What is the property tax liability on Lori's property if it is a house? Round your answer to the nearest dollar and write it in the box.

b. What is the effective property tax rate on Lori's house? Round your answer to the hundredth of a percent (such as 12.34%, 56.70%, 9.00%, .1234, .5670, or .0900) and write it in the box.

c. What is the property tax liability on Lori's property if it is a store? Round your answer to the nearest dollar and write it in the box.

d. What Is the effective property tax rate on Lori's store? Round your answer to the hundredth of a percent (such as 12.34%, 56.70%, 9.00%,.1234, 5670, or .0900) and write it in the box.

Cheeryburgh has an annual budget of $8.2 billion. The city council expects revenue from sales taxes, speeding tickets, and license fees to be $7. billion. The city has a homestead exemption of $150,000 and sets the property tax rate to balance the budget. Assessed value is 90% of market value.

The city has the following types of property (with aggregate assessed values in parentheses): state university ($1.4 billion), office buildings ($4.2 billion), public K 12 schools ($700 million), warehouses ($600 million), other commercial property ($7.8 billion), and property owned by religious organizations ($400 million).

The city also has 60,000 homes (single-family houses) with an average market value of $300,000 each. Each home has a market value of at least $170,000.

Lori owns property with a market value of $870,000 and the only property tax she is potentially subject to is the city's property tax.

a. What is the property tax liability on Lori's property if it is a house? Round your answer to the nearest dollar

b. What is the effective property tax rate on Lori's house? Round answer to the hundredth of a percent (such as 12.34%, 56.70%6, 9.00%,. 1234, 5670, or .0900)