The county legislature approved the budget for the current year. Revenues from property taxes are budgeted at $800,000. According to the county assessor, the assessed valuation of all of the property in the county is $50,000,000. Of this amount, property worth $10,000,000 belongs to the federal government or to religious organizations and, therefore, is not subject to property taxes. In addition, certificates for the following exemptions have been filed: Homestead $2,500,000 Veterans 1,000,000 Old age, blindness, etc. 500,000 In the past, uncollectible property taxes averaged about 3 percent of the levy. This rate is not expected to change in the foreseeable future. Requirement: Calculate the levy on a piece of property that was assessed for $100,000 (after exemptions).
The county legislature approved the budget for the current year. Revenues from property taxes are budgeted at $800,000. According to the county assessor, the assessed valuation of all of the property in the county is $50,000,000. Of this amount, property worth $10,000,000 belongs to the federal government or to religious organizations and, therefore, is not subject to property taxes. In addition, certificates for the following exemptions have been filed:
| Homestead | $2,500,000 |
| Veterans | 1,000,000 |
| Old age, blindness, etc. | 500,000 |
In the past, uncollectible property taxes averaged about 3 percent of the levy. This rate is not expected to change in the foreseeable future.
Requirement:
Calculate the levy on a piece of property that was assessed for $100,000 (after exemptions).
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