Question

If the General Fund of a certain city needs $6,720,000 of revenue from property taxes to finance estimated expenditures of the next fiscal year and historical experience indicates that 4 percent of the gross levy will not be collected, what should be the amount of the gross levy for property taxes?

Answer 1

what should be the amount of the gross levy for property taxes?

$7000000

Step-by-step explanation:

Property tax is the tax liability imposed on homeowners for owning real estate.

6720000=gross Levy-(0,4x) gross Levi

6720000=(1-0,4) Gross levy

gross Levy=6720000÷0,96

Gross Levy=7000000