Which county would charge the lower property tax? O County A O County B What is the annual savings? (Round to the nearest cent.) %24
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- . The municipal assessor was taxing an idle agricultural land consisting of 2 hectares valued at P 200 per square meter. If the idle land tax imposed is 5% by the ordinance, how much will the owner pay for the idle land tax?a. P 80,000.00 b. P 100,000.00 c. P 200,000 d. P 40,000.0011. The following data are shown on the tax declarations of a piece of land and thA typical home in Waukesha County had an assessed value of $218,700. The tax rate is $2.21 per $1,000. What is the amount of property taxes for county services?In San Francisco, the tax on a property assessed at $770,000 is $10,780. If tax rates are proportional in this city, how much would the tax be on a property assessed at $930,000?
- 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.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? $Choose the correct. Niceville Company pays property taxes of $100,000 in the second quarter of the year. Which of the following statements is true with respect to the recognition of property tax expense in interim financial statements?a. Under U.S. GAAP, the company would report property tax expense of $100,000 in the second quarter of the year.b. Under IFRS, the company would report property tax expense of $100,000 in the second quarter of the year.c. Under U.S. GAAP, the company would report property tax expense of $33,333 in each of the second, third, and fourth quarters of the year.d. Under IFRS, the company would report property tax expense of $25,000 in the first quarter of the year.
- 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?The market value(P) of a property is $833,333.33 in a jurisdiction in which the assessment ratio is 60%. The property owner has just been granted a homestead exemption of $50,000. The property is in a jurisdiction in which the current budget is $9 billion of which 80% derives from property taxes. The gross assessed value of all taxable properties is $684,000,000,000. Calculate the owner’s property tax for the yearA residence has a market value of $250,000. The municipality's tax policy is set at 80%. Real estate owners must pay two separate taxes: the municipality tax and an education tax. The tax rates for each are set at 1.25% and 0.75% respectively. 1. Calculate the total property tax bill
- Niceville Company pays property taxes of $100,000 in the second quarter of the year. Which of the following statements is true with respect to the recognition of property tax expense in interim financial statements?a. Under U.S. GAAP, the company would report property tax expense of $100,000 in the second quarter of the year.b. Under IFRS, the company would report property tax expense of $100,000 in the second quarter of the year.c. Under U.S. GAAP, the company would report property tax expense of $33,333 in each of the second, third, and fourth quarters of the year.d. Under IFRS, the company would report property tax expense of $25,000 in the first quarter of the year.Leo's townhouse has a market value of $310,000. The property in Leo's area is assessed at 40% of the market value. The tax rate is $145.10 per $1,000 of assessed valuation. The tax for Leo is A. $7,999.40. B. $16,992.40. C. $7,999.30. D. $17,992.40.Which of the following are subjected to Value Added Tax (VAT)? A Sale by a real estate dealer of residential lot with a selling price or P800,000. B Sale by a real estate dealer of residential lot with a selling price of P3,500,000. C Sale by a real estate dealer of commercial lot with a selling price of P2,800,000. D Sale of residential lot classified as capital asset. E Sale by a real estate dealer of residential house and lot with a selling price of P3,000,000 F Sale by a real estate dealer of condominium unit with a selling price of P3,250,000 G Sale by a real estate dealer of parking lot in a condominium unit with a selling price of P850,000. H Sale of residential house and lot classified as capital asset with a selling price of P8,000,000.