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Steuben County anticipates appropriations of $10,500,000 and revenue from the state and other sources of...

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Accounting

Steuben County anticipates appropriations of $10,500,000 and revenue from the state and other sources of $900,000. During the last fiscal year, the tax rate was $0.85 per $100 of assessed valuation, applied to property assessed at $1,000 million. Uncollectible property taxes are negligible. In the current year, the countys reassessment program increased the aggregate assessed value of property to $1,050 million.

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

b. Compute the tax rate needed to balance the current budget.

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.

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