Record the following property tax transactions for the town of Smithtown: January 15th Levied property taxes of $12,000,000. Smithtown estimates 4% of property taxes uncollectible February 15th Collects $8,500,000 in property taxes February 20th Re-assess

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05.07.2022 - 10:58

Record the following property tax transactions for the town of Smithtown: January 15th Levied property taxes of $12,000,000. Smithtown estimates 4% of property taxes uncollectible February 15th Collects $8,500,000 in property taxes February 20th Re-assess

Question:

Record the following property tax transactions for the town of Smithtown:

January 15th	Levied property taxes of $12,000,000. Smithtown estimates 4% of property taxes uncollectible
February 15th	Collects $8,500,000 in property taxes
February 20th	Re-assesses Taylor’s property and reduces the tax bill from $50,000
March 15th	Re-classifies outstanding property taxes from current to delinquent
May 10th	Pleasantville places a lien on Jones property for $200,000 in outstanding property taxes
June 30th	Pleasantville sells Jones property at auction for $250,000

Answers (1)

Billie April 7, 2023 в 09:41

On January 15th, the town of Smithtown levied property taxes of $12,000,000, but estimates that 4% of property taxes may be uncollectible. Explanation: This transaction records the initial levying of property taxes for the year and the estimated uncollectible amount. It is important for the town to estimate uncollectible taxes as it affects their budget and future financial planning.

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