The following data are for the town of Paragon (Paragon is required to produce a balanced budget) in the fiscal year ending June 30, 2021:

• 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%

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

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

2.

The Johnson family has property with an appraised value of $90,000.00. The family is not entitled to any exemptions. Calculate their 2021 property tax bill.

Their 2021 property tax bill is $_____________.

Note: Please provide the numerical answer without the dollar sign and the comma sign (i.e. 1,000). Also, round your answer to two decimal places

3. Suppose that properties in Paragon are not reassessed for tax year 2021, but new construction increases the total appraised value of the towns taxable property by 2%. Furthermore, assume that non-property tax revenue is estimated to be $10 million for the FY ending 2021 (i.e., $1,000,000 lower than FY09), and that budgeted expenditures are estimated to $16,000,000.00.

The property tax bill that the Johnson family would face in 2021 is $____________.