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The Town of XYZ passed an appropriations ordinance for the General Fund for a certain fiscal year in the amount of $50,000,000. Revenues were anticipated from sources other than the property tax in the amount of $22,600,000. The total market value of property in the Town amounts to $3.50 billion, but $700 million is exempt due to being owed by governmental units, churches, etc. The assessment ratio (assessment percentage of market value) for all cities in the State is 40 percent. Homestead, veterans and other exemptions amount to $40 million, based on assessed value. It is anticipated that one percent of the assessed taxes will not be collected.

(a) Compute the amount of the total property tax levy. Round to the nearest $100.

(b) Compute to the nearest cent the property tax rate per $100/net assessed valuation (NAV).

(c) You own a home with a market value of $300,000. Compute the property tax you will be required to pay, assuming you are eligible for a $4,000 homestead exemption.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92639975

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