1.Calculate the property tax rate required to meet the budgetary demands of the following community. Note: When calculating budgetary demands, always round up. Do not enter the percent symbol in your calculations. Round your answers to two decimal places. Round your answer for property tax rate: mills to one decimal place. Community Total Assessed Property Valuation Total Taxes Required Property Tax Rate: Percent Property Tax Rate: Per $100 Property Tax Rate: Per $1,000 Property Tax Rate: Mills Morningside $659,000,000 $33,100,000 % $ $

2.

BUSINESS DECISION: EARLY PAYMENT, LATE PAYMENT

You own a townhome with an assessed value of $185,200. The tax rate is $2.2 per $100 of assessed value. Round your answers to the nearest cent.

a. What is the amount of property tax?

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b. If the state offers a 6% discount for early payment, how much would the tax bill amount to if you paid early? Do not round intermediate calculations.

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c. If the state charges a mandatory 3% penalty for late payments, how much would the tax bill amount to if you paid late? Do not round intermediate calculations.

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3.Budget planners for Laketown have determined that $3,865,900 will be required to provide all government services next year. The total assessed property value in the community is $67,000,000.

What tax rate is required to meet the budgetary demands? (Express your answer in mills to one decimal rounded up.)

Do not enter units in your answer.

4.Fontaine Factories had a net income before taxes of $144,000. Calculate the net income after taxes. Note: First find the tax liability using the Corporate Tax Rate Schedule, Exhibit 18-6.

Click here for Exhibit 18-6

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