Small Assignment 1
This assignment is due by 6 p.m. on Wednesday, September 14.
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Part I — Tax Evaluation Criteria
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Part II — Property Tax
For these questions, be sure to show your work; specifically, show the formulas and calculations you used to derive the results.
 2015 
 2016 
market value of taxable property  $900 million 
 increases by 2% from 2015 value 
assessment ratio  60% 
 60% 
collection rate  95% 
 97% 
tax rate  1.15 per $100 AV 
 ??? 
The City of XYZ is subject to a maximum increase in the property tax levy of 5 percent annually. Answer each of the questions below in order to determine what the maximum property tax rate could be in 2016. (Be sure to show your calculations.)
Part III – Income Tax
taxable income  marginal tax rate 
0 – $20,000  4% 
20,001 – 50,000  6% 
> 50,000  8% 
(continued on the following page)
D.Define each of the following terms:
Small Assignment 1
This assignment is due by 6 p.m. on Wednesday, September 14.
==================================================================
Part I — Tax Evaluation Criteria
==================================================================
Part II — Property Tax
For these questions, be sure to show your work; specifically, show the formulas and calculations you used to derive the results.
 2015 
 2016 
market value of taxable property  $900 million 
 increases by 2% from 2015 value 
assessment ratio  60% 
 60% 
collection rate  95% 
 97% 
tax rate  1.15 per $100 AV 
 ??? 
The City of XYZ is subject to a maximum increase in the property tax levy of 5 percent annually. Answer each of the questions below in order to determine what the maximum property tax rate could be in 2016. (Be sure to show your calculations.)
Part III – Income Tax
taxable income  marginal tax rate 
0 – $20,000  4% 
20,001 – 50,000  6% 
> 50,000  8% 
(continued on the following page)
D.Define each of the following terms:
Small Assignment 1
This assignment is due by 6 p.m. on Wednesday, September 14.
==================================================================
Part I — Tax Evaluation Criteria
==================================================================
Part II — Property Tax
For these questions, be sure to show your work; specifically, show the formulas and calculations you used to derive the results.
 2015 
 2016 
market value of taxable property  $900 million 
 increases by 2% from 2015 value 
assessment ratio  60% 
 60% 
collection rate  95% 
 97% 
tax rate  1.15 per $100 AV 
 ??? 
The City of XYZ is subject to a maximum increase in the property tax levy of 5 percent annually. Answer each of the questions below in order to determine what the maximum property tax rate could be in 2016. (Be sure to show your calculations.)
Part III – Income Tax
taxable income  marginal tax rate 
0 – $20,000  4% 
20,001 – 50,000  6% 
> 50,000  8% 
(continued on the following page)
D.Define each of the following terms:
Small Assignment 1
This assignment is due by 6 p.m. on Wednesday, September 14.
==================================================================
Part I — Tax Evaluation Criteria
==================================================================
Part II — Property Tax
For these questions, be sure to show your work; specifically, show the formulas and calculations you used to derive the results.
 2015 
 2016 
market value of taxable property  $900 million 
 increases by 2% from 2015 value 
assessment ratio  60% 
 60% 
collection rate  95% 
 97% 
tax rate  1.15 per $100 AV 
 ??? 
The City of XYZ is subject to a maximum increase in the property tax levy of 5 percent annually. Answer each of the questions below in order to determine what the maximum property tax rate could be in 2016. (Be sure to show your calculations.)
Part III – Income Tax
taxable income  marginal tax rate 
0 – $20,000  4% 
20,001 – 50,000  6% 
> 50,000  8% 
(continued on the following page)
D.Define each of the following terms:
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