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ASAP!! To record tax levies, a Property Tax Receivable is accrued when property tax is levied. Property Tax Revenue is net of estimated defaults. Any

ASAP!!

To record tax levies, a Property Tax Receivable is accrued when property tax is levied. Property Tax Revenue is net of estimated defaults. Any adjustments in estimated defaults is reported as an adjustment in Property Tax Revenue.

Example: A city mails property tax assessment totaling $300,000 to its citizens. It expects defaults of 5%. A total of $280,000 is collected.

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