Carroll City levies $219,000 of property taxes for its current fiscal year. Two
ID: 2460692 • Letter: C
Question
Carroll City levies $219,000 of property taxes for its current fiscal year. Two percent of the tax levy is expected to be uncollectible. The city collects $189,000 of its taxes during the year and another $34,500 during the first two months of the following year. In addition, the city collected $6,800 of prior year taxes during the first two months of the current fiscal year and another $3,900 during the remainder of the current fiscal year. What amount of property tax revenues should the city report in the general fund financial statements for the current fiscal year
Explanation / Answer
Deferred taxes = 3900
Cash collected = 189000
Collected in first two months of following year = 34500
Total Property tax revenue = 227400