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The following data are for the town of Paragon (Paragon is required to produce a...

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Accounting

The following data are for the town of Paragon (Paragon is required to produce a balanced budget) in the fiscal year ending June 30, 2009:

Budgeted town expenditures: $15,000,000.00

Estimated non-property tax revenues: $11,000,000.00

Appraised value of property: $200,000,000.00

Total exemptions for the elderly: $8,000,000.00

Assessment ratio: 60%

The statutory property tax rate does Paragon need to adopt to balance their 2009 budget is ___________.

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