7) The market value assessment of a home is P = $400,000. The property tax rate is t=0.50% and the interest rate is i=4%. The home is occupied by the owners. a) The total property tax owed by the homeowners is $ b) The mill rate is c) The property tax is paid to the _level of government. d) The property tax finances what government activities? e) The implicit rent generated by this property is $_ per month. (It is necessary to show your calculations in the space provided to receive marks for this question.) f) An increase in the property tax assessment of 2% will cause the house price to change. The new value of the house will be P = $ (It is necessary to show your calculations in the space provided to receive marks for this question.) g) If the government's budget increased by 5% and the assessed value of homes rose by 2%, then the property tax rate would have to rise to = Do. (It is necessary to show your calculations in the space provided to receive marks for this question.) h) If the property tax were eliminated, the price of the home would be $ (It is necessary to show your calculations in the space provided to receive marks for this question.)