The correct Option is C $8,988,000 should the village recognize it as property tax revenue in its government-wide statement of activities for the fiscal year ending June 30, 2022.
Amount of property tax =$9,009,000.
The expected amount of write-off in accounts receivables = $21,000
income to be recorded =$9,009,000 - $21,000 =$8,988,000.
A property tax or millage rate is an ad valorem tax at the fee of a property. The tax is levied by way of the governing authority of the jurisdiction wherein the property is placed. this can be a countrywide government, a federated kingdom, a county or geographical place, or a municipality. a couple of jurisdictions may additionally tax the same property. regularly a property tax is levied on real property.
It may be imposed yearly or at the time of an actual estate transaction, which includes an actual property switch tax. This tax can be contrasted to a rent tax, which is primarily based on apartment income or imputed hire, and a land fee tax, that's a levy on the fee of land, aside from the value of buildings and different enhancements.
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