Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. property tax rate and revenues steuben county anti

Property Tax Rate and Revenues Steuben County anticipates appropriations of $15,000,000 and revenue from the...

50.1K

Verified Solution

Question

Accounting

Property Tax Rate and Revenues Steuben County anticipates appropriations of $15,000,000 and revenue from the state and other sources of $800,000. During the last fiscal year, the tax rate was $0.65 per $100 of assessed valuation, applied to property assessed at $2,000 million. Uncollectible property taxes are negligible. In the current year, the countys reassessment program increased the aggregate assessed value of property to $2,100 million. Required Enter numerical answers using all zeros (for parts a & c). Do not abbreviate answers to millions or thousands.

a. Compute the property tax revenue raised during the last fiscal year.

b. Compute the tax rate needed to balance the current budget. Round answer to three decimal places.

c. Assume that the Steuben County charter requires a balanced budget and that increasing the tax rate is politically unacceptable. Compute the maximum amount of appropriations that can be funded by property taxes given the increase in assessed valuation.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students