The following information pertains to property taxes levied by Oak City for calendar Year 6:

Collections during Year 6	$500,000
Expected collections during the first 60 days of Year 7	100,000
Expected collections during the balance of Year 7	60,000
Expected collections during January Year 8	30,000
Estimated to be uncollectible	10,000
Total levy	$700,000

What amount should Oak report for Year 6 net property tax revenues?

$500,000

$690,000

$700,000

$600,000