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ID: 2447586 • Letter: H
Question
home / study / questions and answers / business / economics / use the following information to answer questions ... Question Use the following information to answer questions 9 through 12. The city of Touristburg has proposed a total budget of $34.2 million for 2016. They have identified $16.8 million in non-property tax revenue and will use property taxes to fund the remaining portion of the budget and produce a perfectly balanced budget. The Net Assessed Value (NAV) of all property within the city limits for 2016 is $6.2 billion. 9. What is Touristburg's property tax levy for 2016? _________ 10. What is Touristburg's property tax rate per $1,000 of assessed value for 2016? ___________ 11. You own a home in Touristburg with an assessed value of $360,000. You are eligible for deductions worth a total of $25,000, and credits worth $500. What is your taxable property value (NAV) for 2016? ___________ 12. Using the information from questions 10 & 11, what is your total property tax liability? ____________
Explanation / Answer
Answer:9 Tax levy=Budget-Revenue
=$34.2 million-$16.8 million=17.4 million
Answer:10 Tax rate per thousand (tax levy ÷ total of all taxable assessments in jurisdiction) x 1,000
=($17.4 million/$34.2 million)*1000=508.77 million
Answer:11 Taxable property value=$360000-$25000+$500=$335500
Answer:12 =($335500/360000)*1000
=931.94
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