Homework Help is Here – Start Your Trial Now!
Business
Accounting
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 Per $100 (in $) Community Ellingham Total Assessed Property Valuation $53,000,000 Total Taxes Required $2,900,000 5.47 Percent x % 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.) Property Tax Rate Per $100 (in $) Community Ellingham Total Assessed Property Valuation $53,000,000 Total Taxes Required $2,900,000 5.47 Percent x % Per $1,000 (in $) Mills

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
100%
**Property Tax Rate Calculation** To determine the property tax rate required to meet the budgetary demands of a community, review the information for the community of Ellingham below. **Community Data** - **Total Assessed Property Valuation:** $53,000,000 - **Total Taxes Required:** $2,900,000 **Property Tax Rate Table** | Community | Total Assessed Property Valuation | Total Taxes Required | Property Tax Rate | |-----------|----------------------------------|----------------------|-------------------| | | | | **Percent** | | Ellingham | $53,000,000 | $2,900,000 | 5.47% | **Note:** When calculating budgetary demands, always round up. (Round your answers to two decimal places.) **Other Details** - Columns for calculating the Property Tax Rate include: - Percentage (%) - Per $100 (in $) - Per $1,000 (in $) - Mills This table is used to figure out how to meet the community's financial needs through property tax rates, with all calculations carefully rounded as instructed.
Transcribed Image Text:**Property Tax Rate Calculation** To determine the property tax rate required to meet the budgetary demands of a community, review the information for the community of Ellingham below. **Community Data** - **Total Assessed Property Valuation:** $53,000,000 - **Total Taxes Required:** $2,900,000 **Property Tax Rate Table** | Community | Total Assessed Property Valuation | Total Taxes Required | Property Tax Rate | |-----------|----------------------------------|----------------------|-------------------| | | | | **Percent** | | Ellingham | $53,000,000 | $2,900,000 | 5.47% | **Note:** When calculating budgetary demands, always round up. (Round your answers to two decimal places.) **Other Details** - Columns for calculating the Property Tax Rate include: - Percentage (%) - Per $100 (in $) - Per $1,000 (in $) - Mills This table is used to figure out how to meet the community's financial needs through property tax rates, with all calculations carefully rounded as instructed.
Expert Solution
Step 1: calculation of total tax required in %

(A) For the $53,000,000 value , total taxes required   = 2,900,000/ 53,000,000*100 = 5.47%

Total taxes required in % = 5.47%



(B) For the $53,000,000 value , total taxes required =$2,900,000

So for $1 property value , total taxes required         = 2,900,000 / 53,000,000


So for $100 property value , total taxes required    =  = 2,900,000 / 53,000,000* 100 = $5.47

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Capital Budgeting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
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