1. The total assessed value for all private property in the Anvil Public School district is $4 billion. Properties are taxed at a rate of 18% of this value. The school budget for the coming year is $62 million. Calculate the mil rate and rate per hundred. Note: save your calculations for the following question.
A. mil rate = .19; rate per hundred = $19
B. mil rate = .0816; rate per hundred = $8.16
C. mil rate = .668; rate per hundred = $66.80
D. mil rate = .836; rate per hundred = $8.36
2. The total assessed value for all private property in the Anvil Public School district is $4 billion. Properties are taxed at a rate of 18% of this value. The school budget for the coming year is $62 million. The Hitchcock family residence has an assessed market value of $212,000. What will their property tax bill be? Note: use your calculations from the Anvil Schools question.
A. $2,332
B. $2,598
C. $3,287
D. $12,275