Questions for Section II Property Taxation and Forecasting Revised Schedule
Instructions—Your completed paper must be: 1. Double-spaced, saved as a PDF file and uploaded by the deadline indicated. 2. Adequately organized, chronologically numbered with a title page bearing your name and topic. Answer All Questions
Question 1
How is property defined in the context of taxation in Public Budgeting? Discuss its different characteristics in taxation.
Question 2
The data on a medium-sized city for a fiscal year are summarized below.
Total Authorized Expenditure = $12,500,000,000 Total Assessed Valuation = $102,000,000,000 Revenues derived from non-property sources = $8,600,000,000
You are required to use the above data to calculate the millage for this city.
Assume a family owns a residential property in this city’s jurisdiction. Assume further that the assessed value for this property is $140,000. There are no exemptions to be considered. Calculate this family’s tax liability on this property.
Show your calculations and steps in obtaining your answers.
Question 3
State and discuss three methods for forecasting non-property revenues in Public Budgeting. What are the disadvantages of each of these methods? Use examples and illustrations in your response.
Question 4 (a) You are required to use any of the methods covered in your reading guide to forecast the revenue for fiscal year 2020. Year Revenue Category Y ($ 000) 2012 370,000 2013 380,000 2014 309,900 2015 405,100 2016 405,000 2017 415,000 2018 420,000 2019 450,000
Show the calculations, assumptions and steps used to obtain the revenue estimate for fiscal year 2020.
(b) A model of the form: Rt = Bo + B1 (t), is used in forecasting revenues. Assume an estimated model of the form presented below is obtained:
Rt = 25,600 + 7,500 (t) Assume further that t = 8. What is the estimated revenue?
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