The City of Weston is preparing it’s budget for the

The City of Weston is preparing it’s budget for the calendar year 2020. After estimating revenues from all other sources, the City calculates that it must raise $7,000,000 from property taxes. You are given the following information regarding the tax rate:

            Property taxes to be collected                                                              $7,000,000

            Estimated uncollectible property taxes                                                    $70,707

            The total assessed value of the property at the beginning of 2020           $65,000,000

            The expected reduction in assessed value from appeals                   $200,000

             The assessed value of City property, not subject to tax                  $1,400,000

            Adjustments to assessed values for senior citizen exemptions     $1,000,000

Required:

1. Compute the amount of property taxes required to be levied.
2. Compute the tax rate per $100 of net assessed valuation.
3. Determine the amount of property tax that a homeowner whose property is assessed at $35,000 will have to pay.