Asked by Abdalla Alqudaifi on May 15, 2024
Verified
The town of Simcoe is considering raising the $2 billion required for a sports complex by approving a new capital levy component of the property tax. The levy must be collected over the next five years. If the total assessed value of property in the town is $875 billion, what additional tax will a home owner of a property assessed at $300,000 pay?
Capital Levy
A one-time tax imposed on capital or assets, often used by governments during times of national crisis or to fund specific projects.
Property Tax
A tax on the value of a property, often levied by local governments.
Sports Complex
A large venue that hosts a variety of sporting facilities, such as fields, courts, and arenas for different types of sports.
- Understand and apply property tax calculations for funding public projects.
Verified Answer
SS
Learning Objectives
- Understand and apply property tax calculations for funding public projects.