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%
The statutory property tax rate does Paragon need to adopt to balance their 2009 budget is?