Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

). Cheeryburgh has an annual budget of $8.2 billion.The city council expects revenue from sales taxes, speeding tickets, and license fees to be $7.1 billion.

). Cheeryburgh has an annual budget of $8.2 billion.The city council expects revenue from sales taxes, speeding tickets, and license fees to be $7.1 billion. The city has a homestead exemption of $150,000 and sets the property tax rate to balance the budget. Assessed value is 90% of market value.

The city has the following types of property (with aggregate assessed values in parentheses): state university ($1.4 billion), office buildings ($4.2 billion), public K-12 schools ($700 million), warehouses ($600 million), other commercial property ($7.8 billion), and property owned by religious organizations ($400 million). The city also has 60,000 homes (single-family houses) with an average market value of $300,000 each. Each home has a market value of at least $170,000.

Lori owns property with a market value of $870,000 and the only property tax she is potentially subject to is the citys property tax.

What is the property tax liability on Loris property if it is a house? What is the property tax liability on Loris property if it is a store? Round your answer to the nearest dollar and write it in the box.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing And Systems Exam Questions And Explanations

Authors: Irvin N. Gleim, William A. Hillison

13th Edition

1581945272, 978-1581945270

More Books

Students also viewed these Accounting questions

Question

4. Ignore small differences between scores.

Answered: 1 week ago