Calculate the property tax rate required to meet the budgetary demands of the community. Note: When calculating budgetary demands, always round up. (Round your answers to two decimal places.)CommunityTotal AssessedProperty ValuationTotal TaxesRequiredProperty Tax RatePercentPer $100(in $)Per $1,000(in $)MillsEllingham$52,000,000$2,300,000 %$ $

In this question, we have to calculate the property tax.

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Calculate the property tax rate required to meet the budgetary demands of the community. Note: When calculating budgetary demands, always round up. (Round your answers to two decimal places.)

Community	Total Assessed Property Valuation	Total Taxes Required	Property Tax Rate
Percent	Per $100 (in $)	Per $1,000 (in $)	Mills
Ellingham	$52,000,000	$2,300,000	%	$	$

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