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property tax custodial fund questions The Winnebago County treasurer collects property taxes for the county as well as for all of the governments that reside
property tax custodial fund questions
The Winnebago County treasurer collects property taxes for the county as well as for all of the governments that reside in the county. The property tax rate is composed of the following rates:
Government | Tax rate |
Winnebago County | 1.5% |
City of Rockford | 2.25 |
Rockford Township | 1.25 |
School District # 214 | 3.00 |
Total | 8.0% |
- Total property taxes levied by all governments in Winnebago County, including Winnebago County, totaled $90,000,000 for 2022. This amount included the property tax levy of $16,875,000 for the Countys general fund.
- During 2022, the County treasurer received $88,000,000 of property taxes.
- The County charges a 1% collection fee that is deducted from the amounts distributed to the City, Township, and School District.
- Make the journal entry in the property tax custodial fund to record the collection of $88,000,000 of property taxes for 2022. Assume the custodial fund correctly made the journal entry to record the property tax levies.
- Make the journal entry in the Countys general fund to record the receipt of property taxes.
- Make the journal entry in the general fund of School District #214 to record the receipt of property taxes.
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