total assessed property value in Mountain View is $74,200,000. As the tax assessor, you have been asked by the city council to determine what tax rate will need to be imposed to meet these budgetary demands. Express your answer in each of the four ways:

total assessed property value in Mountain View is $74,200,000. As the tax assessor, you have been asked by the city council to determine what tax rate will need to be imposed to meet these budgetary demands. Express your answer in each of the four ways:

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

There are a number of tax planning strategies. Discuss the different strategies and how you plan to incorporate them into your financial plan currently or in the future. Responses are a minimum of 150 words
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.) Community Ellingham Total Assessed Property Valuation $56,000,000 Total Taxes Required $2,600,000 Percent X % Property Tax Rate Per $100 (in $) $4.64 X Per $1,000 (in $) $ 46.43 Mills 46.43
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…
As the tax assessor for Indian Creek County, you have been informed that due to budgetary demands, a tax increase will be necessary next year. The total market value of the property in the county is $700,000,000. Currently, the assessment rate is 35% and the tax rate is 30 mills. The county commission increases the assessment rate to 55% and the tax rate to 35 mills. (a) How much property tax (in $) was collected under the old rates? $ (b) How much more tax (in $) revenue will be collected under the new rates? $
Calculate the property tax rate required to meet the budgetary demands of the community. Note: When calculating budgetary demands, always round up. (Round your a two decimal places.) Community Total Assessed Property Valuation Total Taxes Required Ellingham Submit Answer $55,000,000 $2,400,000 43 Property Tax Rate Percent Per $100 (in 5) Per $1,000 (in $) Mills X% $43 x $ 43.64 ✓ 0.000044 x
A community public works project will cost $92,000 and will benefit five different individuals. Individual Individual Benefit ($) Individual Cost ($) 1 4,500 6,000 2 18,500 15,000 3 19,000 17,000 4 30,000 24,000 5 29,000 30,000 Is this project economically feasible? Please show work in an Excel spreadsheet that lists the benefit for each individual. Would this project be approved by a majority at a community referendum?
The city of Belle collects property taxes for other local governments—Beau County and the Landis Independent School District (LISD). The city uses a Property Tax Collection Custodial Fund to account for its collection of property taxes for itself, Beau County, and LISD.The following transactions and events occurred for Belle's Custodial Fund.1. Property taxes were levied for Belle ( $1,000,000), Beau County ( $500,000) andLISD ( $1,500,000). Assume taxes collected by the Custodial Fund will bepaid to Belle’s General Fund.2. Property taxes in the amount of $2,250,000 are collected. The percentage collectedfor each entity is in the same proportion as the original levy.3. The amounts owed to Beau County and LISD are recognized.4. The Custodial Fund distributes the amounts owed to the three governments.Prepare journal entries to record the above transactions and events for Belle’s Custodial Fund. If an entry affects more than one debit or credit account, enter the accounts in order of…
Rahul
Topic Please research an annual comprehensive financial report of any local municipality of your choice that had a general government capital construction project that was financed. Discuss the project and type of financing that the local government used, and opine on the other various financing options that the government could have used. In your opinion, did the local government use the most effective financing option? Why or why not? Note: Please provide a link to the referenced material used. This can be attached as a website link or a document (PDF/Word). Make sure to reference your source (using APA 7th edition).
As the tax assessor for Indian Creek County, you have been informed that due to budgetary demands, a tax increase will be necessary next year. The total market value of the property in the county is $700,000,000. Currently, the assessment rate is 35% and the tax rate is 40 mills. The county commission increases the assessment rate to 55% and the tax rate to 45 mills. (a) How much property tax (in $) was collected under the old rates? $ (b) How much more tax (in $) revenue will be collected under the new rates? $
In response to a petition signed by the property owners of Riverdale Subdivision, the city of Pewaukee will oversee the installation of sidewalks, curbs, and gutters in the subdivision, to be accounted for in the city’s capital projects fund. Pewaukee reports on a calendar-year basis. Construction is estimated to cost $900,000 and will be financed by a $100,000 county grant, a $50,000 transfer from the city’s general fund, and special assessments of $750,000 to be levied against subdivision property owners. One-third of the levy is to be due on February 1 of each year, starting with 2018. The first $250,000 installment will be received by the capital projects fund directly. The remaining installments will be collected by the debt service fund and will be used to service the related bond debt. The project is to begin on January 15, 2018, and is to take 18 months to complete. It is estimated that 70% of the work will be completed during 2018.To cover construction costs, a 6%, $500,000…
A city commission has proposed two tax bills. The first bill requires that a homeowner pay $2000 plus 2% of the assessed home value in taxes. The second bill requires taxes of $400 plus 7% of th assessed home value. What price range of home assessment would make the first bill a better deal for the homeowner? A home assessment greater than $ would make the first bill a better deal.