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

The property tax rate is $26.67

Explanation:

In this question, first, we have to compute the net assessed value which is shown below:

= Property value - property tax exemption - homestead exemption - veterans - old age - non profits

= $40,000,000 - $3,000,000 - $1,300,000 - $700,000 - $5,000,000

= $30,000,000

Now the property tax equals to

=  (estimated property taxes) ÷ (Net assessed value) × 1000

= ($800,000 ÷ $30,000,000) × 1000

= $26.67

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