Small Assignment 1
This assignment is due by 6 p.m. on Wednesday, September 14.
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Part I — Tax Evaluation Criteria
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Part II — Property Tax
For these questions, be sure to show your work; specifically, show the formulas and calculations you used to derive the results.

2015 

2016 
market value of taxable property 
$900 million 

increases by 2% from 2015 value 
assessment ratio 
60% 

60% 
collection rate 
95% 

97% 
tax rate 
1.15 per $100 AV 

??? 
The City of XYZ is subject to a maximum increase in the property tax levy of 5 percent annually. Answer each of the questions below in order to determine what the maximum property tax rate could be in 2016. (Be sure to show your calculations.)
Part III – Income Tax
taxable income 
marginal tax rate 
0 – $20,000 
4% 
20,001 – 50,000 
6% 
> 50,000 
8% 
(continued on the following page)
D.Define each of the following terms:
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