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(Determination of property tax rate) The City of Weston is preparing its budget for calendar year...
- (Determination of property tax rate)
The City of Weston is preparing its budget for calendar year 2013. After estimating revenues from all other sources, the City calculates that it must raise $7,000,000 from property taxes. You are given the following information regarding the tax rate:
Property taxes to be collected $7,000,000
Estimated uncollectible property taxes $70,707
Total assessed value of property at beginning of 2013 $65,000,000
Expected reduction in assessed value from appeals $200,000
Assessed value of City property, not subject to tax $1,400,000
Adjustments to assessed values for senior citizen exemptions $1,000,000
Required:
a. Compute the gross amount of property taxes required to be levied.
b. Compute the tax rate per $100 of net assessed valuation.
c. Determine the amount of property tax that a home owner whose property is assessed at $35,000 will have to pay.
Solutions
Expert Solution
Given question is about tax on property and their related
deductions and exemptions from that property. Refer below images
for more details with clear solution.
ekkarill92 answered 1 year agoRelated Solutions
18.(Determination of property tax rate)The City of Weston is preparing its budget for calendar year 2009....
18.(Determination of property tax rate)The City of Weston is
preparing its budget for calendar year 2009. After estimating
revenues from all other sources, the City calculates that it must
raise $7,000,000 from property taxes. You are given the following
information regarding the tax rate:
Property taxes to be collected
$
7,000,000
Allowance
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1% of the levy
Total
assessed value of property at beginning of 2009
$
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Expected
reduction in assessed value from appeals
$ ...
The City of Weston is preparing its budget for calendar year 2013. After estimating revenues from...
The City of Weston
is preparing its budget for calendar year 2013. After estimating
revenues from all other sources, the City calculates that it must
raise $7,000,000 from property taxes. You are given the following
information regarding the tax rate:
Property taxes to be
collected
$7,000,000
Estimated uncollectible property taxes
$70,707
Total assessed value of property at beginning of 2013
$65,000,000
Expected reduction in assessed value from
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