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Gala2k [10]
3 years ago
7

This year, Company LI built a light industrial facility in County G. The assessed property tax value of the facility is $20 mill

ion. To convince Company LI to locate within its jurisdiction, the county abated its 4 percent property tax for the year. Because of the local economic boom created by the new facility, the aggregate assessed value of County G’s property tax base (including the LI facility) increased to $23 million. Compute the net effect on County G’s current year tax revenue from the abatement.
Business
1 answer:
const2013 [10]3 years ago
8 0

Answer:

Net Revenue=$120,000

Explanation:

Given Data:

Tax abated=4%

Assessed property tax value of the facility=$20,000,000

New assessed property tax value of the facility=$23,000,000

Required:

Net effect on County G’s current year tax revenue from the abatement=?

Solution:

Decrease in revenue=(0.04*$20,000,000)

Decrease in revenue=$800,000

Decrease in Revenue due to economic boom=0.04*$23,000,000

Decrease Revenue due to economic boom=$920,000

Net Revenue= Decrease Revenue due to economic boom-Decrease in revenue

Net Revenue=$920,000-$800,000

Net tax Revenue=$120,000

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