The City of Weston is preparing its budget for calendar year…

The City of Weston is preparing its budget for calendar year 2012.  After estimating revenues from all other sources, the City calculates that it must raise $7,000,000 from property taxes.  You are given the following information regarding the tax rate: Property taxes to be collected:                                               $7,000,000 Allowance for uncollectible property taxes:                        5% of the levy Total assessed value of property at  the beginning of 2012  $65,000,000 Expected reduction in assessed value from appeals                $200,000 Assessed value of City property, not subject to tax                $1,400,000 Senior citizen exemptions                                                       $1,000,000   Required: Compute the millage rate (in decimal form to four places)