Property Taxation

The following data are for the town of Paragon (Paragon is required to produce a balanced budget) in the fiscal year ending June 30, 2009:

• Budgeted town expenditures: $15,000,000.00
• Estimated non-property tax revenues: $11,000,000.00
• Appraised value of property: $200,000,000.00
• Total exemptions for the elderly: $8,000,000.00
• Assessment ratio: 60%

The statutory property tax rate does Paragon need to adopt to balance their 2009 budget is ___________%.

P.S. Please round your answer to 2 decimal places, e.g. 2.75 %