Calculate the property tax rate required to meet the budgetary demands of the community. Note: When calculating budgetary demands, always round up. (Round your atwo decimal places.)CommunityTotal AssessedProperty ValuationTotal TaxesRequiredEllinghamSubmit Answer$55,000,000$2,400,00043Property Tax RatePercentPer $100(in 5)Per $1,000(in $)MillsX% $43x$ 43.64✓0.000044x

Step 1:Tax percentageProperty Tax Rate = (Total Taxes Required /Total Assessed Property…

Answered: Calculate the property tax rate…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

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 Morningside $656,000,000 $32,900,000
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 perecent per $100 per $1000 mills Ellingham $56,000,000 $2,500,000
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 Ellingham Total Assessed Property Valuation $53,000,000 Total Taxes Required $2,900,000 5.47 Percent X % $ Property Tax Rate Per $100 (in $) $ Per $1,000 (in $) Mills
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 Ellingham Total Assessed Property Valuation $56,000,000 Total Taxes Required $2,600,000 Percent X % Property Tax Rate Per $100 (in $) $4.64 X Per $1,000 (in $) $ 46.43 Mills 46.43
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 Valuation Taxes Per $100 (in $) Per $1,000 (in $) Required Percent Mills 0.0049085 X $ 0.0049085 $ 0.049085 0.049085 Morningside $656,000,000 $32,200,000 %
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 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 Taxes Community Property Valuation Required Per $100 Per $1,000 (in $) Percent Mills (in $) Morningside $656,000,000 $32,200,000 % $ $
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 %
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)
Calculate the amount of property tax due: (Round your answer to the nearest cent.) Tax rate Assessed value Amount of property tax due $42.50 per $1,000 $ 105,000
Proposed Regressive Plan (Regressive Tax) Calculate the tax for $95,000 . For example, $10,000x40%=$4,000 in tax. Show your work!! 40% on income up to $25,000 30% on income between $25,000 and $34,000 25% on income between $34,000 and $44,000 20% on income between $44,000 and $80,000 10% on taxable income over $80,000 TOTAL TAX PAID (sum of all rows):
Compute the property tax rate for the city given the assumptions below: • Total budget expenditures: $46.5 million • Total non-property tax revenues (i.e., fees, other taxes): $6.2 million • Total taxable value of real estate: $1.9 billion • Total exemptions (non-taxable property): $257 million NOTE: Enter your answer as a number followed by 2 decimals. For example, if your answer is 13.39%, you should enter 13.39 (not 0.1339).

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS