The county legislature approved the budget for the current year. Revenues from property taxes are budgeted at $800,000. According to the county assessor, the assessed valuation of all of the property in the county is $50,000,000. Of this amount, property worth $10,000,000 belongs to the federal government or to religious organizations and, therefore, is not subject to property taxes. In addition, certificates for the following exemptions have been filed: Homestead $2,500,000 Veterans 1,000,000 Old age, blindness, etc. 500,000 In the past, uncollectible property taxes averaged about 3 percent of the levy. This rate is not expected to change in the foreseeable future. Requirement: Calculate the levy on a piece of property that was assessed for $100,000 (after exemptions).

The county legislature approved the budget for the current year. Revenues from property taxes are budgeted at $800,000. According to the county assessor, the assessed valuation of all of the property in the county is $50,000,000. Of this amount, property worth $10,000,000 belongs to the federal government or to religious organizations and, therefore, is not subject to property taxes. In addition, certificates for the following exemptions have been filed: Homestead $2,500,000 Veterans 1,000,000 Old age, blindness, etc. 500,000 In the past, uncollectible property taxes averaged about 3 percent of the levy. This rate is not expected to change in the foreseeable future. Requirement: Calculate the levy on a piece of property that was assessed for $100,000 (after exemptions).

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter1: Federal Income Taxation—an Overview

Section: Chapter Questions

Problem 45P

See similar textbooks

Homestead	$2,500,000
Veterans	1,000,000
Old age, blindness, etc.	500,000

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