The Village of kaizen approved the buaget or $2024$ ?indicating a total Property tax need or $$175,000,000$ ?Historically the village has difficulty collecting $6\%$ ?of the levy.

According to the town assessor, the assessed valuation of all of the property in the viallage is $19\mathrm{.}5$ ?Billion

Of this amount, various not$-$for$-$profit organizations own $3\mathrm{.}1m$ ?in property and the state$/$federal government owns property valued at $985k.$

In addition, certificates for the following exemptions have been filed:

Homestead

Veterans

$8,500,000$

$1,250,000$

$4,600,000$

Business Incentives

Using all of this information, determine $($a$)$ ?the property tax rate that must be used to collect the desired revenues from property taxes and $($b$)$ ?the levy on a piece of property that was assessed for $$287,400($after exemptions$).$

Instructions: Students should insert appropriate data in the yellow spaces only

Calculate Millage Rate

$\backslash$table$[[\backslash$table$[[$Amount to be collected$],[\%$ ?of estimated uncollectible property taxes $($assumed$)]],,],[$Required tax levy,$$,-],[$Total assessed value of property $($assumed$),,],[,$$$,-],[$Less$,$ ?Exemptions $($assumed$),,],[$Total Exemptions,$$,-],[$Net Assessed Value of Property,$$,\backslash$table$[[-,-1],[1,]]],[$Tax $($millage$)$ ?rate,,$]]$

Calcuate Property Taxes Owed

Part B

$\backslash$table$[[$Tax Millage Rate,#DIV$/0!],[$Property Value,$],[$Property Taxes Owed,#DIV$/0!]]$