(Answered) The county legislature approved the budget for 2013

Accounting

The county legislature approved the budget for 2013. 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 million. Of this amount, property worth $ 10 million 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. Using all of this information, determine
(a)The property tax rate that must be used to collect the desired revenues from property taxes and
(b)The levy on a piece of property that was assessed for $ 100,000 (after exemptions).

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