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Steuben County anticipates appropriations of $15,000,000 and revenue from the state and other sources of $800,000. During the last fiscal year, the tax rate was
Steuben County anticipates appropriations of $15,000,000 and revenue from the state and other sources of $800,000. During the last fiscal year, the tax rate was $0.65 per $100 of assessed valuation, applied to property assessed at $2,000 million. Uncollectible property taxes are negligible. In the current year, the county's reassessment program increased the aggregate assessed value of property to $2,100 million. Reguired Enter numerical answers using all zeros (for parts a \& c). Do not abbreviate answers to millions or thousands. a. Compute the property tax revenue raised during the last fiscal year. $ b. Compute the tax rate needed to balance the current budget. Round answer to three decimal places. c. Assume that the Steuben County charter requires a balanced budget and that increasing the tax rate is politically unacceptable. Compute the maximum amount of appropriations that can be funded by property taxes given the increase in assessed valuation. $
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