Assume that the county charter requires a balanced budget

Reference no: EM13587993

Property tax rate and revenues: A county government anticipates appropriations of $9,500,000 and revenue from the state and other sources of $855,000. During the last fiscal year, the tax rate was $0.88 per $100 of assessed valuation, applied to property assessed at $900,000,000. (No uncollectible taxes.) In the current year, the county's reassessment program increased the aggregate assessed value of property to $950,000,000.

Required:

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

Reference no: EM13587993

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