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

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 revenue.a) Compute the statutary property tax rate.b) Compute the effective property tax rate.c) the Smith family lives in Knightstown. Their property has an appraised value of $4,000. What is their city property tax bill?

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