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If you were to purchase merchandise from a retailer located in the Village of Arlington Heights in 2021, the retailer would add 10% to the
- If you were to purchase merchandise from a retailer located in the Village of Arlington Heights in 2021, the retailer would add 10% to the retail price of the merchandise for sales tax. What percent of the 10% goes to the Village (add the percent that the State shares with the Village to the home rule rate for the Village) Hint: go online to find the answer.
- 1.25%.
- 3.75%.
- 2.75%.
- 2.0%
- If a local government needs to increase tax revenues, there is usually less negative taxpayer reaction if the increase is from higher
- Property taxes on owning a home.
- Hotel taxes on tourists who visit the local government.
- Either A or B.
- Neither A nor B.
- Which of the following statements is correct?
- Property taxes that are estimated to be uncollectible will cause the property tax levy to be larger than the amount of estimated revenue from property taxes that is included in the estimated revenues budget.
- Tax revenues that are derived on exchange transactions are recognized when the exchange transactions take place or when resources are received, whichever occurs first.
- A and B.
- Neither A nor B.
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