Knightstown has a property tax base with an appriased value consisting of $150,000 of taxable real property and $85,000,000 of taxable personal property. The assessment ratio is 50 percent. exceptions for the elderly reduce assessed valued by$3,000,0000. The city has a planned budget of $15,000,000 and expects to receive $800,000 in nonproperty tax revenue. a. Compute the statutory property tax rate b. Compute the effective property tax rate c. the Smith family lives in Knightstown. Their property has an appraised value of $42,000. what is their city property tax bill?