As the tax assessor for Indian Creek County, you have been informed that due to budgetary demands, a tax increase will be necessary next year. The total market value of the property in the county is $300,000,000. Currently, the assessment rate is 35% and the tax rate is 30 mills. The county commission increases the assessment rate to 45% and the tax rate to 35 mills. (a) How much property tax (in $) was collected under the old rates? 2$ (b) How much more tax (in $) revenue will be collected under the new rates? 2$
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- As the tax assessor for Indian Creek County, you have been informed that due to budgetary demands, a tax increase will be necessary next year. The total market value of the property in the county is $300,000,000. Currently, the assessment rate is 35% and the tax rate is 40 mills. The county commission increases the assessment rate to 55% and the tax rate to 45 mills. (a)How much property tax (in $) was collected under the old rates? (b)How much more tax (in $) revenue will be collected under the new rates?As the tax assessor for Indian Creek County you have been informed that due to budgetary demands, a tax increase will be necessary next year. The total market value of the property in the county is $700000000. Currently the assessment rate is 35 % and the tax rate is 40 mills. The commission increases the assessment rate to 45 % and the tax rate to 45 mills. How much property tax in dollars was collected? How much more tax will be collected under the new rate?As the tax assessor for Indian Creek County, you have been informed that due to budgetary demands attacks increase will be necessary next year. The total market value of the property in the county is $800,000,000. Currently the assessment rate is 35% and the tax rate is 30 mills. The county commission increases the assessment rate to 55% in the tax rate to 35 mills. A-how much property tax and dollars was collected under the old rates? B-how much more tax in dollars revenue will be collected under the new rates? 
- NEED BOTH QUESTIONS. .... As the tax assessor for Indian Creek County, you have been informed that due to budgetary demands, a tax increase will be necessary next year. The total market value of the property in the county is $900,000,000. Currently, the assessment rate is 35% and the tax rate is 30 mills. The county commission increases the assessment rate to 45% and the tax rate to 35 mills. (a)How much property tax (in $) was collected under the old rates? (b)How much more tax (in $) revenue will be collected under the new rates?Monroe county levies a tax on the value of real property located within the county. The tax equals 3 percent of the property's assessed value up to $2 million plus 1 percent of the value in excess of $2 million. Required: a. Compute the tax on real property valued at $1.3 million. b. Compute the tax on real property valued at $4.5 million.Blunt County needs $700,000 from property tax to meet its budget. The total value of assessed property in Blunt is $110,000,000. What is the tax rate of Blunt? (Round to the nearest ten thousandth. Express the rate in mills.) Tax rate mills
- Jan County needs $910,000 from its property tax to meet the budget. The total value of assessed property in Jan is $180,000,000. 1. What is Jan’s tax rate? (Round your answer to the nearest ten-thousandth.) Jan’s tax rate 2. Express the rate in mills. (Round your answer to the nearest tenth.) Rate in mills1. At the beginning of 2020, the balance sheet of a county general fund reports $500,000 in property taxes receivable from 2019, of which $350,000 are considered uncollectible. During 2020 the county sends out tax bills in the amount of $10,000,000, of which $600,000 are expected to be uncollectible. Cash collections on 2019 taxes are $140,000, and the remaining uncollected taxes are written off. Cash collections on 2020 taxes are $9,500,000. Of the $500,000 uncollected at the end of 2020, $100,000 are expected to be collected within 60 days, $65,000 are expected to be collected more than 60 days after year-end, and the rest are uncollectible.The general fund's balance sheet at the end of 2020 will include: Select one: A. Property taxes receivable, net of uncollectibles, of $100,000 B. Deferred inflows of $65,000 C. Property taxes receivable, net of uncollectibles, of $500,000 D. Deferred inflows of $165,000 2. Below is the preclosing trial balance of a town's general fund at…At the beginning of the fiscal year 20X1-20X2, a governmental unit recorded property tax revenues of $600,000. By fiscal year end (June 30, 20X2), taxpayers had paid a total of $570,000. The remaining $30,000 is considered delinquent. Based upon previous experience, the governmental unit expects that it will collect the delinquent taxes in fiscal year 20X2-20X3 in the following manner: July and August, $15,000; September and October, $10,000; and November, $5,000. How much should the governmental unit normally report as property tax revenue for fiscal year 20X1-20X2? $600,000. $595,000. $585,000. $570,000.
- The fiscal year of Duchess County ends on December 31. Property taxes are due on March 31 of the year in which they are levied. Prepare journal entries (excluding budgetary and closing entries) to record the following property tax‐related transactions in which the county engaged in 20X1 and 20X2. On January 15, 20X1, the county council levied property taxes of $170 million for the year ending December 31, 20X1. Officials estimated that 1 percent would be uncollectible. During 20X1, it collected $120 million. In January and February 20X2, prior to preparing its 20X1 financial statements, it collected an additional $45 million in 20X1 taxes. It reclassified as delinquent the $5 million of 20X1 taxes not yet collected. In January 20X2, the county levied property taxes of $190 million, of which officials estimated 1.1 percent would be uncollectible. During the remainder of 20X2, the county collected $2.5 million more in taxes relating to 20X1, $160 million relating to 20X2, and $1.9…The City of Weston is preparing its budget for calendar year 2024. After estimating revenues from all other sources, the City calculates that it must raise $6,000,000 from property taxes. You are given the following information regarding the tax rate: Property taxes to be collected $6,000,000 Allowance for uncollectible property taxes= 5% of levy Total assessed value of property $84,000,000 Assessed value of City property, not subject to tax $1,100,000 Adjustments to assessed values for senior citizen exemptions $2,200,000 The Tax rate per $100 of net assessed valuation is:185. During the current year, Wythe County levied $2,000,000 property taxes, 1% of which is expected to be uncollectible. During the year, the county col- lected $1,800,000 and wrote off $15,000 as uncol- lectible. What amount should Wythe County report as property tax revenue in its government-wide statement of activities for the current year? a. $1,800,000 b. $1,980,000 c. $1,985,000 d. $2,000,000 186. Harland County received a $2,000,000 capital grant to be equally distributed among its five munici- palities. The grant is to finance the construction of capital assets. Harland had no administrative or direct financial involvement in the construction. In which fund should Harland record the receipt of cash? a. Agency fund b. General fund. c. Special revenue fund. d. Private purpose trust fund.