Freetown has an annual budget of $110 million. The town council expects revenue from sales taxes, speeding tickets, and license fees to be $60 million. The town has the following property (with aggregate values in parentheses): religious buildings ($20 million) apartment complexes ($65 million), shopping centers ($85 million), industrial warehouses ($50 million), public schools ($15 million), and office buildings ($195 million). In addition, the town has 1,500 homes valued at $100,000 each. What property tax rate should Freetown have if it has a homestead exemption of $20,000.