Knightstown has a property tax base with an appraised value consisting of $142,000,000 of taxable real property and $78,000,000 of taxable personal...

Knightstown has a property tax base with an appraised value consisting of $142,000,000 of taxable real property and $78,000,000 of taxable personal property. The assessment ratio is 50 percent. Exemptions for the elderly reduce assessed value by $3,000,00. The city has a planned budget of $3,500,000 and expects to receive $750,000 in nonproperty tax revenue?a) compute the statutory property tax rateb) compute the effective property tax ratec) The Smith family lives in Knightstown. Their property has an appraised value of $42,000. What is their city property tax bill?