Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the following data are for the town of paragon (pa

The following data are for the town of Paragon (Paragon is required to produce a...

50.1K

Verified Solution

Question

Accounting

The following data are for the town of Paragon (Paragon is required to produce a balanced budget) in the fiscal year ending June 30, 2009:

Budgeted town expenditures: $15,000,000.00

Estimated non-property tax revenues: $11,000,000.00

Appraised value of property: $200,000,000.00

Total exemptions for the elderly: $8,000,000.00 (---Do you deduct that from the tax revenues??)

Assessment ratio: 60%

The Johnson family has property with an appraised value of $90,000.00. The family is not entitled to any exemptions. Calculate their 2009 property tax bill.

Their 2009 property tax bill is $_____________.

Suppose that properties in Paragon are not reassessed for tax year 2010, but new construction increases the total appraised value of the towns taxable property by 2 percent. Furthermore, assume that non-property tax revenue is estimated to be $10 million for the FY ending 2010 (i.e., $1,000,000 lower than FY09) and that budgeted expenditures are estimated to $16,000,000.00.

The property tax bill that the Johnson family would face in 2010 is $____________.

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