What will the property tax bill on this property equal

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Reference no: EM131202998

The Mundane County Council has the following information concerning the upcoming fiscal year’s budget:

Planned Expenditure: $22,550,000

Sales Tax Revenue: $4,000,000

Total Market Value of Property: $781,250,000

User Charge Revenue: $3,250,000

Income Tax Revenue: $1,600,000

Miscellaneous Revenue: $1,200,000

Assessment Ratio: 50%

A residence in Mundane County has an assessed value of $15,000. Its owner qualifies for an old-age exemption of $1,000 and a homestead exemption of $2,000. The property tax rate is $5.00 per $100 of assessed value. What will the property tax bill on this property equal? Express your answer in dollars and round off to the nearest tenth if necessary (e.g., $335.5): $______

Reference no: EM131202998

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