The county legislature approved the budget for the current year. Revenues from property taxes are budgeted at $800,000. According to the county assessor, the assessed valuation of all of the property in the county is $50,000,000. Of this amount, property worth $10,000,000 belongs to the federal government or to religious organizations and, therefore, is not subject to property taxes. In addition, certificates for the following exemptions have been filed: Homestead $2,500,000 Veterans 1,000,000 Old age, blindness, etc. 500,000 In the past, uncollectible property taxes averaged about 3 percent of the levy. This rate is not expected to change in the foreseeable future. Requirement: Calculate the levy on a piece of property that was assessed for $100,000 (after exemptions).
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The county legislature approved the budget for the current year. Revenues from property taxes are budgeted at $800,000. According to the county assessor, the assessed valuation of all of the property in the county is $50,000,000. Of this amount, property worth $10,000,000 belongs to the federal government or to religious organizations and, therefore, is not subject to property taxes. In addition, certificates for the following exemptions have been filed:
Homestead | $2,500,000 |
Veterans | 1,000,000 |
Old age, blindness, etc. | 500,000 |
In the past, uncollectible property taxes averaged about 3 percent of the levy. This rate is not expected to change in the foreseeable future.
Requirement:
Calculate the levy on a piece of property that was assessed for $100,000 (after exemptions).
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- 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 County includes an independent school district and two individually chartered towns within the County. The County’s Treasurer assesses and collects property taxes on behalf of itself, the school district, and the towns. The County uses a tax collection custodial fund to record tax collections for the school district and towns. During the year ended December 31, 2020, the following transactions took place:1. The County levied taxes as follows: County General Fund $27,000,000 School District 14,500,000 Towns 4,500,000 Total $46,000,000 2.The property taxes levied (in transaction #1) were collected. 3. The amounts collected were paid to the school district and towns.Required:Prepare journal entries to record the transactions for the County’s tax collection custodial fund. (If no entry is required for a transaction/event, state “No entry.”)Required information [The following information applies to the questions displayed below.] The county collector of Sun County is responsible for collecting all property taxes levied by funds and governments within the boundaries of the county. To reimburse the county for estimated administrative expenses of operating the tax custodial fund, the custodial fund deducts 4 percent from the collections for the town, the school district, and the other towns. The total amount deducted is added to the collections for the county and remitted to the Sun County General Fund. The following events occurred during the year: 1. Current-year tax levies to be collected by the custodial fund were County General Fund Town of Bayshore Sun County Consolidated School District Total $10,473,000 4,910,000 6,620,000 $22,003,000 2. During the year, $13,840,000 of the current year's taxes was collected. 3. The 4 percent administrative collection fee was recorded. A schedule of amounts collected for each…
- Required Information [The following information applies to the questions displayed below.] The county collector of Sun County is responsible for collecting all property taxes levied by funds and governments within the boundaries of the county. To reimburse the county for estimated administrative expenses of operating the tax custodial fund, the custodial fund deducts 4 percent from the collections for the town, the school district, and the other towns. The total amount deducted is added to the collections for the county and remitted to the Sun County General Fund. The following events occurred during the year: 1. Current-year tax levies to be collected by the custodial fund were County General Fund Town of Bay Sun County Consolidated School District Total $10,373,000 4,860,000 6,570,000 $21,803,000 2. During the year, $13,740,000 of the current year's taxes was collected. 3. The 4 percent administrative collection fee was recorded. A schedule of amounts collected for each participant,…Required information [The following information applies to the questions displayed below.] The county collector of Sun County is responsible for collecting all property taxes levied by funds and governments within the boundaries of the county. To reimburse the county for estimated administrative expenses of operating the tax custodial fund, the custodial fund deducts 4 percent from the collections for the town, the school district, and the other towns. The total amount deducted is added to the collections for the county and remitted to the Sun County General Fund. The following events occurred during the year: 1. Current-year tax levies to be collected by the custodial fund were County General Fund Town of Bayshore Sun County Consolidated School District Total $10,473,000 4,910,000 6,620,000 $22,003,000 2. During the year, $13,840,000 of the current year's taxes was collected. 3. The 4 percent administrative collection fee was recorded. A schedule of amounts collected for each…Required information [The following information applies to the questions displayed below.] The county collector of Sun County is responsible for collecting all property taxes levied by funds and governments within the boundaries of the county. To reimburse the county for estimated administrative expenses of operating the tax custodial fund, the custodial fund deducts 2 percent from the collections for the town, the school district, and the other towns. The total amount deducted is added to the collections for the county and remitted to the Sun County General Fund. The following events occurred during the year: 1. Current-year tax levies to be collected by the custodial fund were County General Fund Town of Bayshore Sun County Consolidated School District Total $ 7,664,480 5,508,845 10,778,175 $23,951,500 2. During the year, $20,358,000 of the current year's taxes was collected. 3. The 2 percent administrative collection fee was recorded. A schedule of amounts collected for each…
- For each of the following events or transactions, prepare the necessacry journal entries and identify the fund or funds that will be affected. 1. A governmental unit collects fees totaling $4,500 at the municipal pool. The fees are charged to recover costs of pool operation and maintenance 2. A county government that serves as a tax collection agency for all towns and cities located within the county collects county sales taxes totaling $125,000 for the month. 3. A $1,000,000 bond offering was issued, with a premium of $50,000, to subsidize the construction of a city visitor center. 4. A town receives a donation of $50,000 in bonds. The bonds should be held indefinitely, but bond income is to be donated to the local zoo. The zoo is associated with the town. 5. A central printing shop is established with a $150,000 nonreciprocal transfer from the general fund. 6. A $1,000,000 revenue bond offering was issued at par by a fund that provides water and sewer services to…For each of the following events or transactions, prepare the necessacry journal entries and identify the fund or funds that will be affected. 1. A governmental unit collects fees totaling $4,500 at the municipal pool. The fees are charged to recover costs of pool operation and maintenance 2. A county government that serves as a tax collection agency for all towns and cities located within the county collects county sales taxes totaling $125,000 for the month. 3. A $1,000,000 bond offering was issued, with a premium of $50,000, to subsidize the construction of a city visitor center. 4. A town receives a donation of $50,000 in bonds. The bonds should be held indefinitely, but bond income is to be donated to the local zoo. The zoo is associated with the town. 5. A central printing shop is established with a $150,000 nonreciprocal transfer from the general fund. 6. A $1,000,000 revenue bond offering was issued at par by a fund that provides water and sewer services to…The City of Greystone maintains its books so as to prepare fund accounting statements and prepares worksheet adjustments in order to prepare government-wide statements. You are to prepare, in journal form, worksheet adjustments for each of the following situations: The City levied property taxes for the current fiscal year in the amount of $8,000,000. At year-end, $720,000 of the taxes had not been collected. It was estimated that $330,000 of that amount would be collected during the 60 days after the end of the fiscal year and that $360,000 would be collected after that time and the balance would be uncollectible. The City had recognized the maximum of property taxes allowable under modified accrual accounting. $255,000 of property taxes had been deferred at the end of the previous year and was recognized under modified accrual as revenue in the current year. In addition to the expenditures reported under modified accrual accounting, the city computed that an additional $104,000…
- Benton County includes an independent school district and two individually chartered towns within the County. Benton County’s Treasurer assesses and collects property taxes on behalf of itself, the school district, and the towns. The County uses a tax collection custodial fund to record tax collections for the school district and towns. During the year ended December 31, 2020, the following transactions took place:1. The County levied taxes as follows: Benton County General Fund $ 26,600,000 School District 14,100,000 Towns 4,100,000 Total $ 44,800,000 2. The property taxes levied in part (a) were collected.3. The amounts collected were paid to the school district and towns.Required:a. Prepare journal entries for Benton County and the Benton County Independent School District—identify the funds.The county collector of Sun County is responsible for collecting all property taxes levied by funds and governments within the boundaries of the county. To reimburse the county for estimated administrative expenses of operating the tax custodial fund, the custodial fund deducts 2.9 percent from the collections for the town, the school district, and the other towns. The total amount deducted is added to the collections for the county and remitted to the Sun County General Fund. The following events occurred during the year: 1. Current-year tax levies to be collected by the custodial fund were County General Fund Town of Bayshore Sun County Consolidated School District_ 6.615.000 $10.463.000 4,905,000 Total S21,983.000 2. During the year, $13,830,000 of the current year's taxes was collected. 3. The 5 percent administrative collection fee was recorded. A schedule of amounts collected for each participant, showing the amount withheld for the county General Fund and net amounts due to the…Please help solve the below: see picture attached. The county collector of Sun County is responsible for collecting all property taxes levied by funds and governments within the boundaries of the county. To reimburse the county for estimated administrative expenses of operating the tax custodial fund, the custodial fund deducts 5 percent from the collections for the town, the school district, and the other towns. The total amount deducted is added to the collections for the county and remitted to the Sun County General Fund. The following events occurred during the year: Current-year tax levies to be collected by the custodial fund were County General Fund $ 10,443,000 Town of Bayshore 4,895,000 Sun County Consolidated School District 6,605,000 Total $ 21,943,000 During the year, $13,810,000 of the current year's taxes was collected. The 5 percent administrative collection fee was recorded. A schedule of amounts collected for…