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Governmental and Not-For-profit accounting XYZ City estimated that it must raise $10,000,000 from property taxes. You are given the following information regarding the tax rate:

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XYZ City estimated that it must raise $10,000,000 from property taxes. You are given the following information regarding the tax rate: Property taxes to be collected $10,000,000 Estimated uncollectible property taxes 2% Total assessed value of the property at beginning of 2020 $80,000,000 The assessed value of City property, not subject to tax $2,000,000 The expected reduction in assessed value from appeals $1,000,000 Adjustments for senior citizen tax exemptions $800,000 What is the property taxes levy need to be charged if the property is valued at $40,000

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