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 $700000000. Currently the assessment rate is 35 % and the tax rate is 40 mills. The commission increases the assessment rate to 45 % and the tax rate to 45 mills. How much property tax in dollars was collected? How much more tax will be collected under the new rate?
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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 $700000000. Currently the assessment rate is 35 % and the tax rate is 40 mills. The commission increases the assessment rate to 45 % and the tax rate to 45 mills.
How much property tax in dollars was collected?
How much more tax will be collected under the new rate?
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- 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 $300,000,000. 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?As the tax assessor for Indian Creek County, you have been informed that due to budgetary demands attacks increase will be necessary next year. The total market value of the property in the county is $800,000,000. Currently the assessment rate is 35% and the tax rate is 30 mills. The county commission increases the assessment rate to 55% in the tax rate to 35 mills. A-how much property tax and dollars was collected under the old rates? B-how much more tax in dollars revenue will be collected under the new rates? NEED BOTH QUESTIONS. .... 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 $900,000,000. Currently, the assessment rate is 35% and the tax rate is 30 mills. The county commission increases the assessment rate to 45% 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?
- Blunt County needs $700,000 from property tax to meet its budget. The total value of assessed property in Blunt is $110,000,000. What is the tax rate of Blunt? Round to the nearest ten thousandth.In 2020 Metro City received $250,000 of tax underpayments and paid $80,000 in refunds based on taxpayers filing their 2019 returns in 2020. In addition, in 2020 the city received $700,000 in withholding and estimated tax payments for 2020. The city conducted audits in 2019 and assessed and billed tax deficiencies of $30,000 of which it collected $25,000 in 2019 and $5,000 in 2020. The city conducted audits in 2020 and assessed and billed tax deficiencies of $40,000 of which it collected $36,000 in 2020. Required; Calculate the amount of Income Tax Revenue that Metro City should report on its 2020 Fund Financial Statements.Superior Developers sells lots for residential development. When lots are sold, Superior recognizes income for financial reporting purposes in the year of the sale. For some lots, Superior recognizes income for tax purposes when collected. In the prior year, income recognized for financial reporting purposes for lots sold this way was $20 million, which would be collected equally over the next two years. The enacted tax rate was 40%. This year, a new tax law was enacted, revising the tax rate from 40% to 35% beginning next year. Calculate the amount by which Superior should reduce its deferred tax liability this year.
- Officials for the city of Winfield have agreed to forgo real estate taxes normally charged to Jamieson Corporation for the subsequent 10 years. In exchange, Jamieson has agreed to build a distribution facility that is expected to hire 500 new employees. What information must the city provide in its financial statements to inform taxpayers and other interested parties about the nature of this tax abatement?For fiscal 2022, Lake City levied a property tax of $270,000. The city estimated that 4% of the tax will not be collected. By fiscal year end, the city, based on the cash already collected, declares the uncollected amount of $10,200 as delinquent. Of the delinquent taxes, $5,700 is estimated to be collected within 60 days of year end and the rest is uncollectible. In fiscal 2023, Lake City collects $4,800 of the delinquent taxes and writes off the remaining delinquent taxes. Prepare the journal entries to record all the property tax transactions in fiscal 2022. Determine the amount of tax revenues reported for fiscal 2022. Prepare the journal entries to record the collection and write-off of delinquent taxes in fiscal 2023.The City of Weston is preparing its budget for calendar year 2024. After estimating revenues from all other sources, the City calculates that it must raise $6,000,000 from property taxes. You are given the following information regarding the tax rate: Property taxes to be collected $6,000,000 Allowance for uncollectible property taxes= 5% of levy Total assessed value of property $84,000,000 Assessed value of City property, not subject to tax $1,100,000 Adjustments to assessed values for senior citizen exemptions $2,200,000 The Tax rate per $100 of net assessed valuation is:
- Jan County needs $910,000 from its property tax to meet the budget. The total value of assessed property in Jan is $180,000,000. 1. What is Jan’s tax rate? (Round your answer to the nearest ten-thousandth.) Jan’s tax rate 2. Express the rate in mills. (Round your answer to the nearest tenth.) Rate in millsThe following transactions relate to Newport City’s special revenue fund. In 2020, Newport City created a special revenue fund to help fund the 911 emergency call center. The center is to be funded through a legally restricted tax on cellular phones. No budget is recorded. During the first year of operations, revenues from the newly imposed tax totaled $530,000. Of this amount, $477,000 has been received in cash and the remainder will be received within 60 days of the end of the fiscal year. Expenditures (salaries) incurred through the operation of the 911 emergency call center totaled $469,000. Of this amount, $438,515 was paid before year-end. During the year the state government awarded Newport City a grant to reimburse the City’s costs (not to exceed $180,000) for the purpose of training new 911 operators. During the year, the City paid $171,000 (not reflected in the expenditures above) to train new operators for the 911 emergency call center and billed the state government.…Bemidji, Minnesota, needs $3,055,000 for its 2019 budget. Total assessed value of property in Bemidji is $254,583,333. What is the tax rate expressed as a percent, per $100, per $1,000, and in mills?