Taxes assessments for a property in NYC are $1,000,000, $1,200,000, $1,100,000, $1,300,000, $1,400,000 for years 1-5, respectively. The mil rate is 131 per $1,000 in year 1 an they are anticipated to grow 2% per year. What are the taxes given the phase in over 5 years.

Taxes assessments for a property in NYC are $1,000,000, $1,200,000, $1,100,000, $1,300,000, $1,400,000 for years 1-5, respectively. The mil rate is 131 per $1,000 in year 1 an they are anticipated to grow 2% per year. What are the taxes given the phase in over 5 years.

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

Using the compound interest formula, verify the impact of the 2% commission rate identified in this video, 63% difference. Specifically, compare 5% vs 7% compounded annually on the amount (A) over 50 years using principal (P) = $10,000. Then, calculate the difference in the two amounts (A) for the same principal over 10 years. What can you conclude from your analysis?
The annual debt service on a property is $25,000 and the pre-tax cash flow is $50,000. If the mortgage capitalization rate is 8.5% and the overall rate is 10%, what is the indicated value of the property?
The annual cost of a certain service is $36,000 at EOY 1 which decreases by 5.5% per year for a period of 12 years. If the interest rate is 5.5% per year, what is the present equivalent of the annual cost at the beginning of year 1?
You have borrowed $60,000 at an interest rate of10.5%. Equal payments will be made over a five-yearperiod. (The first payment will be made at the end ofthe first year.) What will the annual payment be, andwhat will the interest payment be for the fourth year?
Maintenance costs on a piece of equipment begin at $1000 in period 1 and increase by $250 each year over its 5-year life. If the interest rate is 8%, how much money should be put aside now to pay these maintenance costs?
Property, in the form of unimproved land, is purchased at a cost of $8000 and is held for 6 years, at which time it is sold for $32,600. Each during the six years of ownership $220 is paid in property tax and may be accounted for at an interest of 12%. The income tax rate on the longterm capital gain is 15% of the gain. Inflation during the period is 4% per year. What is the annual rate of return for this investment?
A property in Waterford was purchased with a down payment of $3525 and payments of $2025 at the beginning of every 6 months for 9 years. interest is 6% compounded monthly. what were the purchase price of the property and the cost of financing?
A construction company plans to open an account for a major future equipment purchase. The plan is to make uniform annual deposits for the next 20 years in the account which is expected to earn a nominal interest rate of 6% per year compounded monthly. If the target is to have $4,000,000 at the end of the 20 years, how much should each deposit be? OA. $348,800 OB. $108,800 OC. $353,600 OD. $106,800
A major city wants to establish a sinking fund to pay off debts of PKR 800 million which come due in 10 years. The city can earn interest at the rate of 8 percent per year compounded monthly. If first deposit is made 1 month from now; What monthly deposit will be required to accumulate the PKR 800 million? How much interest will be earned on these deposits