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 Ellingham Total Assessed Property Valuation $56,000,000 Total Taxes Required $2,600,000 Percent X % Property Tax Rate Per $100 (in $) $4.64 X Per $1,000 (in $) $ 46.43 Mills 46.43 Calculate the property tax rate required to meet the budgetary demands of the community. Note: When calculating budgetary demands, always round up. (Roundyour answers to two decimal places)CommunityEllinghamTotal AssessedProperty Valuation$56,000,000Total TaxesRequired$2,600,000PercentX%Property Tax RatePer $100(in 5)$4.04xPer $1,000(in $)$46.43Mills46.43

The property tax is the tax levied on the value of property. The formula for computing property tax…

Answered: Calculate the property tax rate…

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 Ellingham Total Assessed Property Valuation $56,000,000 Total Taxes Required $2,600,000 Percent X % Property Tax Rate Per $100 (in $) $4.64 X Per $1,000 (in $) $ 46.43 Mills 46.43

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