Total exemptions for the elderly: $8,000,000.00 (---Do you deduct that from the tax revenues??)
Assessment ratio: 60%
The Johnson family has property with an appraised value of $90,000.00. The family is not entitled to any exemptions. Calculate their 2009 property tax bill.
Their 2009 property tax bill is $_____________.
Suppose that properties in Paragon are not reassessed for tax year 2010, but new construction increases the total appraised value of the towns taxable property by 2 percent. Furthermore, assume that non-property tax revenue is estimated to be $10 million for the FY ending 2010 (i.e., $1,000,000 lower than FY09) and that budgeted expenditures are estimated to $16,000,000.00.
The property tax bill that the Johnson family would face in 2010 is $____________.
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