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Property tax rate and revenues: A county government anticipates appropriations of $9,500,000 and revenue from the state and other sources of $855,000. During the last fiscal year, the tax rate was $0.88 per $100 of assessed valuation, applied to property assessed at $900,000,000. (No uncollectible taxes.) In the current year, the county's reassessment program increased the aggregate assessed value of property to $950,000,000.
Required:
a) Compute the property tax revenue raised during the last fiscal year.
b) Compute the tax rate needed to balance the current budget.
c) Assume that the county charter requires a balanced budget and that increasing the tax rate is unacceptable. Compute the maximum amount of appropriations that can be funded by property taxes given the increase in assessed valuation.
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