Question
). Cheeryburgh has an annual budget of $8.2 billion.The city council expects revenue from sales taxes, speeding tickets, and license fees to be $7.1 billion.
). Cheeryburgh has an annual budget of $8.2 billion.The city council expects revenue from sales taxes, speeding tickets, and license fees to be $7.1 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 citys property tax.
What is the property tax liability on Loris property if it is a house? What is the property tax liability on Loris property if it is a store? Round your answer to the nearest dollar and write it in the box.
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