Question

The City of Great Falls adopted an appropriations ordinance in the amount of
$22,000,000 for the general fund for a certain fiscal year. Revenues other than
property taxes amounted to $9,000,000. The total market value of property in the
City amounts to $1.3 billion, but $400 million is exempt due to being owned by
governmental units, churches, etc. The assessment ratio (assessment percentage of
market value) of all cities in the state is 33 1/3 percent. Homestead, veterans, and
other exemptions amount to $10 million, based on assessed value. It is
anticipated that two percent of the assessed taxes will not be collected. The
property tax rate per $100 net assessed value would be:

	A.	$4.57.
	B.	$4.60.
	C.	$4.33.
	D.	$4.99.

Answer 1

The income required from property and taxes is 13,000,000

in milions

total market value 1300

exempt amount 400

value 900

assessment value 300 (900/3)

exemptions 10

after exemptions 290

minus arrears 5.8

value assessed 284.2

proprty tax rate per $100 net assed value is 13/284.2*100 = 4.57

The answer is A