The Village of Greenville is in the process of developing its revenues budget for the year ended
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Question:
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:
- Revenues budgeted from property taxes $ 23,918,400
- Estimated percentage of uncollectible property taxes 1%
- Assessed value of all property in the Village 648,000,000
- Assessed value of property owned by nonprofit entities located in the Village 39,000,000
- Exemptions for homestead, elderly, military veterans, and disabled 5,000,000
Required:
- What is the amount of the property tax levy needed to collect the budgeted amount of property tax revenue? Show your computations.
- What is the net assessed value of property? Show your computations.
- What is the property tax rate for 2020? Show your computations.
- 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?
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-0470239803
5th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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