Question
Hamilton country's budget calls for total estimated revenues of $9,000,000 for the fiscal year ending December 31, 2019. Total other source revenues from proposed appropriations
Hamilton country's budget calls for total estimated revenues of $9,000,000 for the fiscal year ending December 31, 2019. Total other source revenues from proposed appropriations are estimated at 7,000,000 and property taxes are considered the residual source of revenues. The county's records indicate that on average 5% of property taxes levied are not collected. The county tax assessor has assessed the value of taxable property located in the county at 200,000,000..To generate a tax levy that will produce the required amount of revenue for the year, what tax rate per 100 of assessed valuation is required?
Please show the steps of calculation.
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