The City of Blue Ridge lies in Burton County. For the new fiscal year, the city plans to spend $54,000,000, of which 60% will be funded through the revenue from its property tax, and the county plans to spend $25,000,000, 40% of which will be funded by the revenue of property tax levied on the property within the city jurisdiction. If the total assessed value of the city is $5,935,362,692 and its total market value is $7,122,435,230. (1) What is the assessment ratio? (5 points) (2) What will be the property tax rate? (10 points) (3) If the state has a property tax limit at 80 cents per $100 assessed value, should the property tax in the city be a concern? (5 points) The City of Blue Ridge lies in Burton County. For the new fiscal year, the city plans to spend $54,000,000, of which 60% will be funded through the revenue from its property tax, and the county plans to spend $25,000,000, 40% of which will be funded by the revenue of property tax levied on the property within the city jurisdiction. If the total assessed value of the city is $5,935,362,692 and its total market value is $7,122,435,230. (1) What is the assessment ratio? (5 points) (2) What will be the property tax rate? (10 points) (3) If the state has a property tax limit at 80 cents per $100 assessed value, should the property tax in the city be a concern? (5 points)