The County legislature approved its 2020 budget. Revenues from property taxes are estimated to be $800,000. The assessed value of all the property in the county is $40 million. The County has received certificates for property tax exemption of consisting of $3 million for homestead exemptions, $1.3 million for veterans, $700,000 for old age, and $5 million for nonprofits. In addition, the County believes all property taxes will be collectible. What property tax rate per $1,000 of net assessed value must the County charge to collect sufficient property taxes to meet its $800,000 estimate? A. $16 for each $1,000 of net assessed value.
B. $2.67 for each $1,000 of net assessed value
C. $20 for $1,000 of net assessed value
D. $26.67 for each $1,000 of net assessed value

The County

The property tax rate per $1,000 of net assessed value that the County must charge to collect sufficient property taxes to meet its $800,000 estimate is:

D. $26.67 for each $1,000 of net assessed value.

Explanation:

a) Data and Calculations:

Estimated Revenues from Property Taxes = $800,000

Assessed value of property in the county = $40 million

Exempted property in the county:

Homestead = $3.0 million

Veterans =        1.3 million

Old age =         0.7 million

Nonprofits =    5.0 million

Total exemptions = $10 million

Therefore, net assessed value = $30 million ($40 - 10 million)

Chargeable Rate per $1,000 = $800,000/$30,000,000 * 1,000 = $26.67

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explanation: