How much will be funded by property tax?

Question

Suppose you own a home in the city where the school district budget is $100 million. In order to minimize the home owner's tax burden, the following has been decided:

 

1. The amount funded by state income tax will be 3 times the property tax.

2. The amount funded by state sales tax will be $15 million more than the property tax. 

Answer 1

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Answer 2

 

Let P = amount funded by property tax

 

(1) Since the amount funded by state income tax is 3 times the property tax,

 

     State income tax =3P

 

(2) Since state sales tax will be $15,000,000 more than property tax

 

     Sate sales tax = P + 15,000,000

 

Assuming these are all the components of the budget, we can construct a 1 variable equation to solve for the portion representing the property taxes

 

     PROPERTY TAX + STATE INCOME TAX + STATE SALES TAX = BUDGET

     

          P  + 3P  +  P  +  15,000,000 = 100,000,000

          5P + 15,000,000 = 100,000,000

          5P = 100,000,000  - 15,000,000

          5P = 85,000,000

          P   = 85,000,000/5

          P   = 17,000,000

 

17 million will be funded by property taxes