The City of Hebron is preparing its budget for calendar year 2021. 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: $1,400,000 Property taxes to be $7,000,000 collected $70.707 Estimated uncollectible property taxes Total assessed value of property at beginning of Expected reduction $200,000 $65,000,000 2021 in assessed value from appeals Assessed value of City property, not subject to tax Adjustments to assessed values for senior citizen $1,000,000 Required: Compute exemptions the gross amount of property taxes required to be levied. ( $7,070,707 O $7000000 O $ 62,400,000 O