The town of Blair determines that it requires $22.5 million in property tax revenues to balance its budget. According to the towns property tax assessor, the town contains taxable property that it assessed at $900 million. However, the town permits discounts for early payment, which generally average about 2 percent of the amount levied. Further, the town grants homestead and similar exemptions equal to 3 percent of the propertys assessed value. 1. Calculate the required tax rate, expressed in mils. 2. A residents home is assessed at $300,000. He is permitted a homestead exemption of $10,000 and a senior citizens exemption of $5,000. What is the residents required tax payment prior to allowable discounts for early payment? 3. Blair assesses property at 100 percent of its fair market value. Sussex, a nearby town in the same county, assesses property at only 80 percent of fair market value. The county bases its own tax assessments on the assessments of the individual towns. However, the county grants no exemptions or discounts. Its tax rate is 8 mils. a. A tax payer in Sussex owns a home with a market value of $300,000the same as that of the Blair resident. Compute and compare the amount of county tax that would be paid by each resident. b. Comment on why governments nd it necessary to equalize tax assessments based on assessments of other governments.