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31 January, 10:23

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?

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  1. 31 January, 10:50
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    what should be the amount of the gross levy for property taxes?

    $7000000

    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
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