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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,
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, 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 $6.15Step by Step Solution
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