The following data are for the town of Paragon (Paragon is required to produce a balanced budget) in the fiscal year ending June 30, 2009:
Budgeted town expenditures: $15,000,000.00
Estimated non-property tax revenues: $11,000,000.00
Appraised value of property: $200,000,000.00
Total exemptions for the elderly: $8,000,000.00
Assessment ratio: 60%
Suppose that properties in Paragon are not reassessed for tax year 2010, but new construction increases the total appraised value of the town’s taxable property by 2 percent. Furthermore, assume that non-property tax revenue is estimated to be $10 million for the FY ending 2010 (i.e., $1,000,000 lower than FY09) and that budgeted expenditures are estimated to $16,000,000.00.
Tax rate is 15%
The property tax bill that the Johnson family would face in 2010 is $____________.