User Account

All Pages

What is the amount of property tax levy needed to collect

Assignment Help Accounting Basics
Reference no: EM132794725

The Village of Greenville is in the process of developing its revenues budget for the year ended December 31, 2021. The following information has been determined by the Village's finance director:

  1. Revenues budgeted from property taxes $ 23,918,400
  2. Estimated percentage of uncollectible property taxes 1%
  3. Assessed value of all property in the Village 648,000,000
  4. Assessed value of property owned by nonprofit entities located in the Village 39,000,000
  5. Exemptions for homestead, elderly, military veterans, and disabled 5,000,000

Required:

Problem 1. What is the amount of the property tax levy needed to collect the budgeted amount of property tax revenue? Show your computations.

Problem 2. What is the net assessed value of property? Show your computations.

Problem 3. What is the property tax rate for 2020? Show your computations.

Problem 4. Michael and Amanda Lewis own a home in the Village of Greenville with an assessed value in 2021 of $255,000. The Lewis family is allowed a $6,000 homestead exemption as well as a $3,000 old-age exemption. Property taxes are due in two equal installments, one in May and the other in September. How much property taxes will the Lewis family pay in May, 2021?

Reference no: EM132794725

Questions Cloud

What is the total current liabilities at december : What is the total current assets at December 31, 2020? Using the information of Achiever Company, what is the total current liabilities at December 31, 2020?
How much is the net income or net losss : Assuming there are no changes in retained earnings except for net income and a dividend payment of P19,500, how much is the net income (net loss) for 2020?
How much is the net income or net loss : Two thirds of operating expenses relate to sales activities. The company is subject to 30% income tax. How much is the net income (net loss) during 2020?
Explain the relative resistance of the microbes : Explain the relative resistance of the following microbes to disinfectants and antiseptics: gram-negative bacteria, gram-positive bacteria
What is the amount of property tax levy needed to collect : What is the amount of the property tax levy needed to collect the budgeted amount of property tax revenue? Show your computations.
Describe the results of the diagnostic tests : What are any test needed to rule out other causative HIV/AIDS agents? Describe the results of the diagnostic tests in sufficient detail to make a diagnosis.
How big will the annual payments? be : Balance in 14 equal annual installments that include both the principal and 9 percent interest on the declining balance. How big will the annual payments? be?
Describe the process of penetration for the t4 bacteriophage : Viruses are very specific in their host ranges. Discuss how the process of attachment contributes to that specificity.
What annual interest rate will get closest : Lisa must now negotiate an interest rate. What annual interest rate will get her closest to her desired $500 monthly payment. The interest rate is compounded

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd