The following data are for One Hoss Town in the fiscal year…

Questions

The fоllоwing dаtа аre fоr One Hoss Town in the fiscal year starting July 1, 2017:   Budgeted town expenditures                                         $10,000,000 Estimated revenue from other than property taxes           $  5,000,000 Net assessed value of property                                      $500,000,000   Assume 100% collection rate, and that the calculated rate does not exceed any state imposed property tax rate and does not violate any state imposed property tax revenue limitations. The Wooden family has a property with a full market value of $50,000.  One Hoss Town is in a state that by law requires that assessments be 100% of full market value.  Assuming perfectly accurate and up to date assessment of the property and no exemptions, what should the Wooden tax bill be for this property:

The fоllоwing dаtа аre fоr One Hoss Town in the fiscal year starting July 1, 2017:   Budgeted town expenditures                                         $10,000,000 Estimated revenue from other than property taxes           $  5,000,000 Net assessed value of property                                      $500,000,000   Assume 100% collection rate, and that the calculated rate does not exceed any state imposed property tax rate and does not violate any state imposed property tax revenue limitations. The Wooden family has a property with a full market value of $50,000.  One Hoss Town is in a state that by law requires that assessments be 100% of full market value.  Assuming perfectly accurate and up to date assessment of the property and no exemptions, what should the Wooden tax bill be for this property:

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