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Question (Category: economics homework)
knightstown has a property tax base with an appraised value consisting of $142,000,000 of taxable real property and $78,000,000 of taxable personal property. the assessment ratio is 50%. exemptions for the elderly reduce assessed value by $3,000,000. the city has a planned budget of $3,500,000 and expects to receive $750,000 in nonproperty tax a) compute the statutary property tax b) compute the effective property tax c) the smith family lives in knightstown. their property has an appraised value of $4,000. what is their city property tax bill? div

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