RESM 4190 Financing Quiz with 100%
complete solutions
What has been the backbone of local government finance? - correct answer ✔✔Property taxes
What percent of the total tax revenues raised by local government comes from property taxes? -
correct answer ✔✔85%
1/3.... - correct answer ✔✔of the total revenue generated by local government is accounted for
by property tax
Currently property tax revenue provides the majority of total income raised by... - correct
answer ✔✔local leisure service agencies
Function of property taxes - correct answer ✔✔to fill in the gap between the revenues required
by the local government's projected fiscal budget and the total sum of funds it expects to
receive from other local, state, and federal sources
Tax assessment - correct answer ✔✔-The value of real property is determined by estimating its
taxable worth
-This task of determining property value is assigned to an assessor who is either elected or
appointed, and whose responsibility it is to list on the local government's tax rolls every parcel
of taxable property by a specified date
-Assessed value should not be confused with Appraised or Fair Market Value (FMV), for it is
usually only some fraction of the latter
-In most states it is common to assess property at-much below prevailing market levels
, Tax base - correct answer ✔✔-The aggregate (total sum) value of all the assessed property
within a local community is referred to as the tax base
-Once the tax base has been determined by assessment, the various local taxing authorities
(city, county, school, etc.???) set tax rates to meet their revenue needs
Tax rate - correct answer ✔✔are established by dividing the local government's budget
(projected expenditures for one year) less anticipated income from non-property sources (fees,
federal funds) by the total assessed value of property
Relationship between the local government's _________ always determines the tax rate -
correct answer ✔✔annual budget and tax base
If the local government increases its budget expenditures, and the assessed value remains
stable, then... - correct answer ✔✔the tax rate needs to increase
Conversely, if the assessed value or tax base goes up and the city's budget remains the same,
the tax rate can - correct answer ✔✔decrease
Tax rate x assessed value - correct answer ✔✔taxed value of all property
The revenues collected from the property taxes are usually placed in the ______ fund - correct
answer ✔✔general
From the general fund, almost all government services are financed including - correct answer
✔✔parks and recreation
Many P&R agencies have been granted the legal right to _____ their own taxes - correct answer
✔✔levy
complete solutions
What has been the backbone of local government finance? - correct answer ✔✔Property taxes
What percent of the total tax revenues raised by local government comes from property taxes? -
correct answer ✔✔85%
1/3.... - correct answer ✔✔of the total revenue generated by local government is accounted for
by property tax
Currently property tax revenue provides the majority of total income raised by... - correct
answer ✔✔local leisure service agencies
Function of property taxes - correct answer ✔✔to fill in the gap between the revenues required
by the local government's projected fiscal budget and the total sum of funds it expects to
receive from other local, state, and federal sources
Tax assessment - correct answer ✔✔-The value of real property is determined by estimating its
taxable worth
-This task of determining property value is assigned to an assessor who is either elected or
appointed, and whose responsibility it is to list on the local government's tax rolls every parcel
of taxable property by a specified date
-Assessed value should not be confused with Appraised or Fair Market Value (FMV), for it is
usually only some fraction of the latter
-In most states it is common to assess property at-much below prevailing market levels
, Tax base - correct answer ✔✔-The aggregate (total sum) value of all the assessed property
within a local community is referred to as the tax base
-Once the tax base has been determined by assessment, the various local taxing authorities
(city, county, school, etc.???) set tax rates to meet their revenue needs
Tax rate - correct answer ✔✔are established by dividing the local government's budget
(projected expenditures for one year) less anticipated income from non-property sources (fees,
federal funds) by the total assessed value of property
Relationship between the local government's _________ always determines the tax rate -
correct answer ✔✔annual budget and tax base
If the local government increases its budget expenditures, and the assessed value remains
stable, then... - correct answer ✔✔the tax rate needs to increase
Conversely, if the assessed value or tax base goes up and the city's budget remains the same,
the tax rate can - correct answer ✔✔decrease
Tax rate x assessed value - correct answer ✔✔taxed value of all property
The revenues collected from the property taxes are usually placed in the ______ fund - correct
answer ✔✔general
From the general fund, almost all government services are financed including - correct answer
✔✔parks and recreation
Many P&R agencies have been granted the legal right to _____ their own taxes - correct answer
✔✔levy
