A city council approved its 2023 budget. Revenues from property taxes are estimated to be $1,000,000. The assessed value of all the property in the city is $50 million. The city has received certificates for property tax exemptions of $3 million from agricultural landowners and homeowners over age 65. The federal and state governments also own $2,000,000 of property in the city that is not subject to property taxes. The city believes all property taxes will be collectible. What property tax rate per $1,000 of net assessed value must the city charge to collect sufficient property taxes to meet its $1,000,000 estimate?

Select one:

a. $20.83 for each $1,000 of net assessed value

b. $22.22 for each $1,000 of net assessed value

c. $2.22 for each $1,000 of net assessed value

d. $20 for each $1,000 of net assessed value