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NEED ASAP 20 MINS show calculations The City of Harbor is preparing its budget for calendar year 2021. After estimating revenues from all other sources,

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NEED ASAP 20 MINS show calculations

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The City of Harbor is preparing its budget for calendar year 2021. After estimating revenues from all other sources, the City calculates that it must raise $5,000,000 from property taxes to support operations for current year. You are given the following information regarding the tax rate: Property taxes to be collected $5,000,000 Allowance for uncollectible property taxes = 5% of the levy Total assessed value of property $89,000,000 Assessed value of City property, not subject to tax $1,400,000 Adjustments to assessed values for senior citizen exemptions $2,500,000 The tax rate per $100 of net assessed valuation is: $7.11 $6.34 $6.18 $6.15

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