Port Washington has a property tax base with market value of $420,000,000. The average assessment ratio is 0. Exemptions on property owned by senior...

Port Washington has a property tax base with market value of $420,000,000. The average assessment ratio is 0.60. Exemptions on property owned by senior citizens reduce assessed value by $15,000,000. No other group receives any property tax relief. The city budget is expected to be $4,800,000 and there is $1,000,000 in non-property tax revenue.a. Compute the statutory property tax rate for Port Washington.b. Compute the effective property tax rate for Port Washington.c. The Jones family lives in town in a house appraised at $100,000. What is their city property tax bill?