Calculate property taxes collected ratio The statistical section of the city of Tallahassee's CAFR for the fiscal year ended September 30, 2019 contains several schedules regarding property tax collections. Assume one schedule shows that a) the total property taxes levied for the year was $68,787 thousand and (b) the amount of taxes collected in 2019 against that levy was $65,786 thousand. Another schedule contains a statement indicating that Florida statutes permit discounts of up to 4 percent for early payment of taxes; the schedule indicates that Tallahassee granted discounts and made adjustments in the amount of $2,466 thousand during 2019. a) Calculate the city of Tallahassee's property tax collection rate based on the figures included in the schedule described in the statistical section of the CAFR. Round the percentage to two decimals. 0 96 b) Using the rule of thumb suggested in the text, would the tax collection rate be considered reasonable, too high, or too low? ◆ c) Calculate the city of Tallahassee's property tax collection rate after adjusting for the early payment discounts given in 2019. Round the percentage to two decimals. 0

Calculate property taxes collected ratio The statistical section of the city of Tallahassee's CAFR for the fiscal year ended September 30, 2019 contains several schedules regarding property tax collections. Assume one schedule shows that a) the total property taxes levied for the year was $68,787 thousand and (b) the amount of taxes collected in 2019 against that levy was $65,786 thousand. Another schedule contains a statement indicating that Florida statutes permit discounts of up to 4 percent for early payment of taxes; the schedule indicates that Tallahassee granted discounts and made adjustments in the amount of $2,466 thousand during 2019. a) Calculate the city of Tallahassee's property tax collection rate based on the figures included in the schedule described in the statistical section of the CAFR. Round the percentage to two decimals. 0 96 b) Using the rule of thumb suggested in the text, would the tax collection rate be considered reasonable, too high, or too low? ◆ c) Calculate the city of Tallahassee's property tax collection rate after adjusting for the early payment discounts given in 2019. Round the percentage to two decimals. 0

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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