Question

Given the following information, compute the property tax rate for the community in percentage terms. Total budget expenditures: $108 million, Total non-property tax income: $50 million, Total assessed value of all properties: $2 billion, Total exemptions: $550 million.

A. 2.5%

B. 4.0%

C. 10.0%

D. 12.0%

Answer

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