Problem: The City of Weston is preparing its budget for calendar year 2012. After estimating revenues from all other sources, the City calculates that it must raise $7,000,000 from property taxes. You are given the following information regarding the tax rate:
Property taxes to be collected: $7,000,000
Allowance for uncollectible property taxes: 5% of the levy
Total assessed value of property at the beginning of 2012: $65,000,000
Expected reduction in assessed value from appeals: $200,000
Assessed value of City property, not subject to tax: $1,400,000
Senior citizen exemptions: $1,000,000
Required: Compute the millage rate (in decimal form).
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