Question

Part B:

The municipal mill rate in the neighbourhood is 22.375 mills. There is an educational mill rate of 11.35 mills.

The following list is the municipalities planned local improvement costs for the next 25 years in that neighbourhood:

•  Boulevard reconstruction costs $4.25/foot

•  Water renewal costs $1.90/foot

•  Concrete street paving costs $2.65/foot

•  Land drainage system costs $6.10/foot

  Find the total cost of the property taxes over the amortization period chosen.

Answer 1

Calculation of total cost:

Particulars	Amount
Municipal mill rate	22.375
Educational mill rate	11.35
Total Mill Rate (A)	33.725
Boulevard reconstruction costs	4.25
Water renewal costs	1.9
Concrete street paving costs	2.65
Land drainage system costs	6.1
Total cost (B)	14.9
Cost for property tax (A-B)	18.825