To find the answer to this question, we can use the information given about the property tax revenue ratios and the uncollectible portion.
Let's break it down step by step:
1. Start with the property tax revenue received in December, which is $5.1 million. This represents 55% of the annual property tax revenue.
2. To find the total annual property tax revenue, we need to calculate the revenue for each month using the given ratios.
- December contribution: 55%
- April contribution: 40%
- June contribution: 5%
3. Subtract the uncollectible portion, which is 0.05% of the total annual revenue.
Now, let's calculate each step:
1. Multiply the December revenue by the reciprocal of its corresponding ratio to find the total annual revenue:
$5.1 million / (55/100) = $9.2726 million
2. Calculate the revenue for April and June using the same method:
- April revenue: $9.2726 million * (40/100) = $3.709 million
- June revenue: $9.2726 million * (5/100) = $0.46363 million
3. Subtract the uncollectible portion from the total annual revenue:
$9.2726 million - ($9.2726 million * (0.05/100)) = $9.268091 million
The answer is approximately $9.268091 million, which matches the book answer of $9,268,091.
So, the annual property tax revenues will be $9,268,091.