You are tasked with calculating the property tax needed to fund construction and operation of a $25 million complex for a parks and recreation program. The facilitys annual operating budget, including debt service, is projected to be $1,750,000. This is the amount that will need to be funded annually by the new property tax. The net assessed value of property in the municipality is $350,000,000.

What is the tax rate that will have to be assessed on the value of the property to fund the annual operating budget?

Convert this tax rate to a millage rate.

For an owner of property with a total assessed value of $25,000, by how much will their individual property tax increase?