Uvalda Village determines that it needs to raise $3,500,000 in property taxes to balance its budget for 2022. The following information is available to determine the tax (millage rate): Property taxes to be collected Estimated uncollectible and delinquent property taxes Total assessed value of property at beginning of 2022 Assessed value of non-taxable village-owned property Adjustments to assessed values for veterans $3,500,000 $35,000 $80,000,000 $1,000,000 $800,000 Adjustments to assessed values for senior citizens Required: a) Compute the amount of property taxes required to be levied. b) Compute the tax rate per $1000 of net assessed valuation (millage rate). c) Determine the amount of property tax that a home owner whose property is assessed at $120,000 will have to pay. $1,200,000

Uvalda Village determines that it needs to raise $3,500,000 in property taxes to balance its budget for 2022. The following information is available to determine the tax (millage rate): Property taxes to be collected Estimated uncollectible and delinquent property taxes Total assessed value of property at beginning of 2022 Assessed value of non-taxable village-owned property Adjustments to assessed values for veterans $3,500,000 $35,000 $80,000,000 $1,000,000 $800,000 Adjustments to assessed values for senior citizens Required: a) Compute the amount of property taxes required to be levied. b) Compute the tax rate per $1000 of net assessed valuation (millage rate). c) Determine the amount of property tax that a home owner whose property is assessed at $120,000 will have to pay. $1,200,000

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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