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Cheeryburgh has an annual budget of $740 million. The city council expects revenue from sales taxes, speeding tickets, and license fees to be $670 million.
Cheeryburgh has an annual budget of $740 million. The city council expects revenue from sales taxes, speeding tickets, and license fees to be $670
million. The city has the following property (with aggregate assessed values in parentheses): apartment complexes ($135 million), religious buildings ($30
million), public libraries ($50 million), shopping centers ($365 million), industrial warehouses ($300 million), office buildings ($195 million), factories ($80 million), and public schools ($35 million). In addition, the city has 4,000 houses with market values of $300,000 each. What property tax rate should Sheeckwish have if it has a homestead exemption of $20,000 and assessed value equals 40% of market value? Express your answer in mills, round it to 1 decimal place (such as 1.2 or 98.7)
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