The City of Calico is preparing its budget for its next calendar year. After estimating revenues from all other sources, the City calculates that it must raise $7,000,000 from property taxes. You are given the following information regarding the tax rate:

Property taxes to be collected	$7,000,000
Estimated uncollectible property taxes	3.7%
Total assessed value of property at beginning of year	$65,000,000
Expected reduction in assessed value from appeals	$200,000
Assessed value of City property, not subject to tax	$1,400,000
Adjustments to assessed values for senior citizen exemptions	$1,000,000

Required:

1. Compute the amount of property taxes required to be levied.

1. Compute the tax rate per $1000 (millage rate)of net assessed valuation.

c. Determine the amount of property tax that a home owner whose property is assessed at $35,000 (FMV of $60,000) will have to pay.