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Question - You have been provided with the information listed below for the City of XYZ.
2020 2021
Market value of taxable property $1.6 billion increases by 3% from 2020 value
Assessment ratio 30% 30%
Collection rate 96% 95%
Tax rate 3.25 per $100 AV ?
The City of XYZ is subject to a maximum increase in the property tax levy of 6 percent annually. Answer each of the questions below in order to determine what the maximum property tax rate could be in 2021.
Required -
A. What was the property tax levy in 2020?
B. What is the maximum property tax levy that would be allowed in 2021?
C. What is the market value of taxable property in 2021?
D. What is the maximum property tax rate that the city could use in 2021? Express the rate in dollars per $100 assessed value.
Roberts Company purchased goods with the following terms and details: Compute the amount that Roberts Company has to pay
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