As the tax assessor for Indian Creek County, you have been informed that due to budgetary demands, a tax increase will be necessary next year. The total market value of the property in the county is $400,000,000. Currently, the assessment rate is 35% and the tax rate is 30 mills. The county commission increases the assessment rate to 55% and the tax rate to 35 mills. (a) How much property tax (in $) was collected under the old rates? . ........ : Enter an exact number. (b) How much more tax (in $) revenue will be collected under the new rates? 24
As the tax assessor for Indian Creek County, you have been informed that due to budgetary demands, a tax increase will be necessary next year. The total market value of the property in the county is $400,000,000. Currently, the assessment rate is 35% and the tax rate is 30 mills. The county commission increases the assessment rate to 55% and the tax rate to 35 mills. (a) How much property tax (in $) was collected under the old rates? . ........ : Enter an exact number. (b) How much more tax (in $) revenue will be collected under the new rates? 24
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:As the tax assessor for Indian Creek County, you have been informed that due to budgetary demands, a tax increase will be necessary next year. The total market value of the property in
the county is $400,000,000. Currently, the assessment rate is 35% and the tax rate is 30 mills. The county commission increases the assessment rate to 55% and the tax rate to 35
mills.
(a) How much property tax (in $) was collected under the old rates?
. ........ :
Enter an exact number.
(b) How much more tax (in $) revenue will be collected under the new rates?
24
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