New annual taxes $2,565 Question 2 (10 Points) a) Vonte Canyon, Anzona (a fictit

Question

New annual taxes $2,565 Question 2 (10 Points) a) Vonte Canyon, Anzona (a fictitious city) has a new budget of $89,895,000to py for police fire, schools, and govemment among other expenses The total assessed valuation (based on 60% of market value) in the city is S 7,899 023,000 Find the tax rate per $1,000 of assessed valuation b) Now find the taxes on a property that has an assessed valuation of $190 500 Question 3 (5 Points) a) Find the sales tax of a new above ground pool that you pay $10,500 for it the tax rate in your area is 8.9% b) Find the marked price and tax for an 511 beer at the local football sadium, where the sales tax rate is 9.5% Question 4 (5 Points)

Explanation / Answer

a) Expenditure of government = 89895000

Tax rate be T

So revenue is T*7899023000/1000

Revenue=expenditure

T = 89895000*1000/7899023000 = 11.38

b) Tax amount = 190500*11.38/1000 = $2167.89

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