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The statistical section of the city of Tallahassees CAFR for the fiscal year ended September...

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Accounting

The statistical section of the city of Tallahassees CAFR for the fiscal year ended September 30, 2016 contains several schedules regarding property tax collections. One schedule shows that (a) the total property taxes levied for the year was $40,352 thousand and (b) the amount of taxes collected in 2016 against that levy was $38,837 thousand. Another schedule contains a statement indicating that Florida statutes permit discounts of up to 4 percent for early payment of taxes; the schedule indicates that Tallahassee granted discounts and made adjustments in the amount of $1,433 thousand during 2016. Required: Calculate the property tax collection rate (ratio of current-year real property taxes collected to the current-year real property tax levy). Round answer to one decimal place (ex: 0.7845= 78.5%)

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