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.
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- A residence has a market value of $250,000. The municipality's tax policy is set at 80%. Real estate owners must pay two separate taxes: the municipality tax and an education tax. The tax rates for each are set at 1.25% and 0.75% respectively. 1. Calculate the total property tax billA typical home in Waukesha County had an assessed value of $218,700. The tax rate is $2.21 per $1,000. What is the amount of property taxes for county services?. The municipal assessor was taxing an idle agricultural land consisting of 2 hectares valued at P 200 per square meter. If the idle land tax imposed is 5% by the ordinance, how much will the owner pay for the idle land tax?a. P 80,000.00 b. P 100,000.00 c. P 200,000 d. P 40,000.0011. The following data are shown on the tax declarations of a piece of land and th
- 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.In county A, property is assessed at 35% of market value, with a tax rate of 37.6 mills. In county B, property is assessed at 24% of market value, with a tax rate of 39.3 mills. A company is trying to decide where to place a building with a fair market value of $85,000. Which county would charge the lower property tax? Find the difference. Which county would charge the lower property tax? County A County B What is the annual savings? (Round to the nearest cent.)Which of the following constitute a tax and why? l Payment for driver’s license? l Payment for required (by government) house appraisal? l Payment for hotel use of 1% of bill to pay for city projects. l Payment for rental car use of 3% of bill to pay for the roads.
- 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 propertyThe tax on a property with an assessed value of $70,000 is $1,100. What is the assessed value of a property if the tax is $1,400? (Remember to round to the nearest cent)I have the question and answer below. I just need to know how to get the answer if you could explain it. Determine the tax rate. Round to the nearest cent or nearest hundredth. Assessed property value: $40,356,000Expenses to be funded by property tax: $2,633,000Tax per amount of assessed value: mill Answer: (65.24)
- A property is assessed at $135, 000. There is an equalization rate of 125%. The annual property tax are $5063. What is the tax rate?The market value(P) of a property is $833,333.33 in a jurisdiction in which the assessment ratio is 60%. The property owner has just been granted a homestead exemption of $50,000. The property is in a jurisdiction in which the current budget is $9 billion of which 80% derives from property taxes. The gross assessed value of all taxable properties is $684,000,000,000. Calculate the owner’s property tax for the year8. The Town of Loveland levied property taxes in the amount of $1,600,000. The town estimates that 1 percent will be uncollectible. The journal entry to record the tax levy will include Multiple Choice A debit to Cash for $1,584,000. A credit to Revenues for $1,584,000. A debit to Allowance for Uncollectible Current Taxes for $16,000. A debit to Estimated Revenues for $1,600,000.