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

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

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 53P

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The 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 $495,000. Of this amount, $445,500 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 $441,000. Of this amount, $412,335 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 $159,000) for the purpose of training new 911 operators. During the year, the City paid $151,050 (not reflected in the expenditures above) to train new operators for the 911 emergency call center and billed the state government.…
The 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.…
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