GIVEN data for a real property: Value Description Amount Market Value P1,000,000 Assessment level 25% of market value The local government unit imposes a real property tax of 2% In addition, the unit also imposes a 1% Special Education Fund (SEF) COMPUTE: Local tax in relation to the assessment of the real property. a. 5,000 b. 7,500 c. 20,000 d. 30,000

GIVEN data for a real property: Value Description Amount Market Value P1,000,000 Assessment level 25% of market value The local government unit imposes a real property tax of 2% In addition, the unit also imposes a 1% Special Education Fund (SEF) COMPUTE: Local tax in relation to the assessment of the real property. a. 5,000 b. 7,500 c. 20,000 d. 30,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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10. Calculate the assessed value (in $) and the property tax due (in $) on the property. (Round your answers to the nearest cent.) Fair MarketValue AssessmentRate AssessedValue PropertyTax Rate PropertyTax Due $342,900 72 $ 5.1% $
9. Calculate the assessed value (in $) and the property tax due (in $) on the property. Fair MarketValue AssessmentRate AssessedValue PropertyTax Rate PropertyTax Due $280,000 80 $ $25.60 per $1,000 $
to Cakulate the property the budgetary tax Rate required demands of the Community. Meet Note when Calculating budgetary demands always Round (Round answer to two decimal your places? Property Tax Rate Total taxes Percent Per 100 in $ Per 1,000 In $1 Community Total Assessed Ellingham Property Valuation Required $ 54,000,000 $2,900,000 ↑ 1 Mills
Calculate the assessed value (in $) and the property tax due (in $) on the property. (Round your answers to the nearest cent.) Fair Market Assessment Assessed Property Tax Rate Property Value Rate Value Tax Due $342,900 74 5.1% $
Calculate the assessed value (in $) and the property tax due (in $) on the property. Fair Market Assessment Assessed Property Property Value Rate Value Tax Rate Tax Due $145,000 100 $ $1.40 per $100 $
7. After real estate has been sold by the state or the 6. What is the annual real estate tax on a property B. remain indefinitely in possession of the A. refinance the parcel of property sold. valued at $135,000 and assessed for tax purpos STIONS an at $47,250 with an equalization factor of 125% and a tax rate of 25 mills? A. $1,181 B. $1,477 C. $3,375 D. $4,219 7. After real estate has been sold by the state of u county to satisfy a delinquent real estate tax depending on state law, the former owner i have the right to A. refinance the parcel of property e property
Keith Urban Bookstores is considering a major expansion of its business. The details of the proposed expansion project are summarized below: The company will have to purchase $600,000 in equipment at t = 0. This is the depreciable cost. The project has an economic life of four years. The cost can be depreciated on a MACRS 3-year basis, which implies the following depreciation schedule: MACRS Depreciation Rates Year 1 0.33 0.45 0.15 0.07 2 3 4 At t = 0, the project requires that inventories increase by $40,000 and accounts payable increase by $5,000. The change in net operating working capital is expected to be fully recovered at t = 4. (Hint: NWC = CA-CL) The project's salvage value at the end of four years is expected to be $0. The company forecasts that the project will generate $700,000 in sales the first two years (t = 1 and 2) and $400,000 in sales during the last two years (t = 3 and 4). Each year the project's operating costs excluding depreciation are expected to be 55% of…
23) Data collected about the comparable sales and the subject for the appraisal assignment is presented in the following table. What is the indicated value of the subject property? Gross Rent Rental A B C D Subject $10,000.00 $10,000.00 $23,400.00 $22,050.00 A) $198,000 B) $221,500 C) $201,500 D) $191,500 Cultivated Acres 200 150 250 130 160 Pasture Acres 0 100 100 250 100 Buildings no no house house / barns house / barns Sale Price $100,000.00 $100,000.00 $230,400.00 $220,500.00
Calculate the property tax rate required to meet the budgetary demands of the community. Note: When calculating budgetary demands, always round up. (Round your answers to two decimal places.) Property Tax Rate Total Assessed Total Community Property Таxes Per $100 (in $) Per $1,000 Valuation Required Percent Mills (in $) 4.95 $ 4.95 $ 49.47 32,600 Morningside $659,000,000 $32,600,000 %
Suppose the subject's net operating income is $100,000, the direct capitalization rate of the land is 3.5%, the direct capitalization rate of the improvements is 6.0%, and the value of the improvements is $750,000. What is the overall value of the subject property (round to the nearest thousand)? A. $2,321,000 ⒸB. $2,036,000 OC. $1,571,000 OD.$1,286,000
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Calculate the property tax rate required to meet the budgetary demands of the community. Note: When calculating budgetary demands, always round up. (Round your answers to two decimal places.) Community Total AssessedProperty Valuation Total TaxesRequired Property Tax Rate Percent Per $100(in $) Per $1,000(in $) Mills Ellingham $56,000,000 $2,500,000 % $ $