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Mr. Nauma Akon has an industrial land located in a province with a fair market value of ₱2 million. In addition to the real property tax, the LGU levies a special education fund. How much would be the additional levy and how would this be allocated? SEF-₱10,000; Provincial School Board-₱5,000.00 and Municipal School Board-₱5,000.00 SEF-₱20,000; Provincial School Board-₱10,000.00 and Municipal School Board-₱10,000.00 SEF-₱30,000; Provincial School Board-₱15,000.00 and Municipal School Board-₱15,000.00 SEF-₱40,000; Provincial School Board-₱20,000.00 and Municipal School Board-₱20,000.00 SEF-₱20,000; Provincial School Board-₱20,000.00 and Municipal School Board-₱0.00

Mr. Nauma Akon has an industrial land located in a province with a fair market value of ₱2 million. In addition to the real property tax, the LGU levies a special education fund. How much would be the additional levy and how would this be allocated? SEF-₱10,000; Provincial School Board-₱5,000.00 and Municipal School Board-₱5,000.00 SEF-₱20,000; Provincial School Board-₱10,000.00 and Municipal School Board-₱10,000.00 SEF-₱30,000; Provincial School Board-₱15,000.00 and Municipal School Board-₱15,000.00 SEF-₱40,000; Provincial School Board-₱20,000.00 and Municipal School Board-₱20,000.00 SEF-₱20,000; Provincial School Board-₱20,000.00 and Municipal School Board-₱0.00

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Mr. Nauma Akon has an industrial land located in a province with a fair market value of ₱2 million. In addition to the real property tax, the LGU levies a special education fund. How much would be the additional levy and how would this be allocated?

  1. SEF-₱10,000; Provincial School Board-₱5,000.00 and Municipal School Board-₱5,000.00
  2. SEF-₱20,000; Provincial School Board-₱10,000.00 and Municipal School Board-₱10,000.00
  3. SEF-₱30,000; Provincial School Board-₱15,000.00 and Municipal School Board-₱15,000.00
  4. SEF-₱40,000; Provincial School Board-₱20,000.00 and Municipal School Board-₱20,000.00
  5. SEF-₱20,000; Provincial School Board-₱20,000.00 and Municipal School Board-₱0.00

 

 

Expert Solution
Provision

Real Property Tax (RPT) is levied on 50% of market value of property

Special education Fund is taxable at 1% of Base Value of Real Property Tax, which is equally split between Provincial School Board and Municipal School Board.

 

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