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The total market value of real estate in Altonville has steadily decli

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Re: The total market value of real estate in Altonville has [#permalink]

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New post 21 Nov 2015, 05:15
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Re: The total market value of real estate in Altonville has [#permalink]

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New post 28 Feb 2016, 09:32
rujhan01 wrote:
mejia401 wrote:
A. The percentage of Altonville’s yearly revenue that comes from money collected in property taxes did not change over the past four years. No new information allowed. The percentage of revenue that comes from property taxes is not mentioned in the stimulus nor something that can be inferred.

B. The percentage of Altonville’s yearly revenue that comes from money collected in property taxes has declined steadily over the past four years. No new information allowed; Could be true. The percentage of revenue from property taxes could have decline or could not have.

C. The amount of revenue that Altonville collected from property taxes was lower last year than it was four years ago. OK - If property values decreased + taxes assessed on property hasn't changed, thus the amount of revenue is lower.

D. During the past four years, Altonville officials increased tax rates on other sources of revenue such as retail sales and business profits. New information; could be true. Shouldn't include new information in the stimulus. For Altonville to pay its bill, other of sources of income were likely needed.

E. Altonville will soon require property owners to pay a higher percentage of the assessed value of their property as property tax. Could be true. Atlonville must find other sources of income; it could be from property taxes or could be from something else.


I think C is ambiguous. The total tax collected will also depend on property sales. It may so happen that last year property sales increased resulting in higher property tax even though the percentage remained the same.
I think phrase "per unit property" is required to be added in option C to make it correct



C is unambiguous.

In the Argument it has been mentioned as "This decline has meant that the overall figure on which the city’s property tax is based—the assessed value of that real estate—has also declined. "

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Re: The total market value of real estate in Altonville has [#permalink]

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New post 05 Apr 2016, 04:18
Quote:
The total market value of real estate in Altonville
has steadily declined over the past four years. This
decline has meant that the overall figure on which
the city’s property tax is based—the assessed
value of that real estate—has also declined. The
percentage of assessed value that was paid as
property taxes to the city, however, did not change
from year to year during this period.
The information above most strongly supports
which of the following?
A. The percentage of Altonville’s yearly revenue that
comes from money collected in property taxes did
not change over the past four years.
B. The percentage of Altonville’s yearly revenue that
comes from money collected in property taxes has
declined steadily over the past four years.
C. The amount of revenue that Altonville collected
from property taxes was lower last year than it was
four years ago.
D. During the past four years, Altonville officials
increased tax rates on other sources of revenue
such as retail sales and business profits.
E. Altonville will soon require property owners to
pay a higher percentage of the assessed value of
their property as property tax.


What's the conclusion in the argument? bcos I'm yet to find it. Or is it the C? I thought C is alternative conclusion.

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Re: The total market value of real estate in Altonville has [#permalink]

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New post 06 May 2016, 11:52
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Well that's a classic GMAT Prep Question, though i got it wrong in the test, but in the review i went deep and go it right.

Thumb Rule :- When there is %age in the stimulus, the question mostly will be about the %age only:-

Hence lets Boil it down :-

Market Value is declining from 4 years - Lets say it was 20 Mill in 2012 and now 10 Mill

Hence the property tax from the Real Estate is also going down, Because the tax was calculated on the assessed value of the Real Estate. This is Basically if you have filed tax ever, Tax is not calculated on 100% of the income its on certain percentage.

If the %age stays same the your Tax depends upon your salary. hence since the Tax % on the Assessed Value is Same.

Lets say

2012 - 20,000,000 - 50% Assessed Value - 10,000,000 & 20% Tax = 2,000,000

2014 - 10,000,000 - 50% Assessed Value - 5,000,000 & 20% Tax = 1,000,000

Hence what is changing, one the Market Value already stated and then the Tax Revenue.

Hence the answer C

well thats what i think..........

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Re: The total market value of real estate in Altonville has [#permalink]

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New post 05 Jun 2016, 03:54
Hi Experts / chetan2u / daagh /aditya8062 / carcass ,

Can you please explain me the above scenario in layman language. At first I thought I should ignore this but this question is completely based on BASIC concept of real state, so I can't ignore it.

If a person don't know the concept of supply, demand and price relation. He/she can't do any question related to market.
Similarly, this concept is really important for me to understand. What is market value. accessed value etc etc.

I googled it too, but it was too complicated. To solve question, I just need basic detail so that I am in a position to solve that question.

Please help.

Thanks and Regards,
Prakhar
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Re: The total market value of real estate in Altonville has [#permalink]

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New post 05 Jun 2016, 04:38
PrakharGMAT wrote:
Hi Experts / chetan2u / daagh /aditya8062 / carcass ,

Can you please explain me the above scenario in layman language. At first I thought I should ignore this but this question is completely based on BASIC concept of real state, so I can't ignore it.

If a person don't know the concept of supply, demand and price relation. He/she can't do any question related to market.
Similarly, this concept is really important for me to understand. What is market value. accessed value etc etc.

I googled it too, but it was too complicated. To solve question, I just need basic detail so that I am in a position to solve that question.

Please help.

Thanks and Regards,
Prakhar


Hey prakhar let me help you in this...

The assessed value is basically the Tax Slabs(as we call in India)

The tax, be it Income,Sales,Property or Trade Liability (Any Income Related or Transaction) tax is not calculated on the entire amount.

Lets say your annual income is Rs.15,00,000/- The Income Tax slab says:-

Rs.1,50,000/- (the first 1,50,000/- of 15 lakhs) is exempted - This will mean that no tax will be calculated on the 1 lakhs 15 thousand..

Next the tax slab will say :-

From 1,50,000 - 3,00,000 the tax will be 10% hence for 15 lakhs income you will have to pay 10% of 1,50,000

Next slab will be above 3,00,000 30% :- hence you will have to pay 30% on 12,00,000

The total tax will be :-

1,50,000 - No Tax

1,50,000 - 3,00,000 = 15,000

3,00,000 - 15,00,000 = 36,000

Hence your total assessed value here is 15,00,000 - 1,50,000 i.e. 13,50,000 and total tax payable is 51,000

I hope that will take care of that assessed value dilemma.

as for the Question, i guess what i believe the %age stimulus the %age answer choice....

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Re: The total market value of real estate in Altonville has [#permalink]

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The total market value of real estate has declined over the past four years .
As a result , assessed value of that real estate has also declined .
The percentage of assessed value that was paid as property taxes to the city has remained the same .

Total property tax collected 4 years ago = Assessed value of real estate 4 years ago* Property tax %
Total property tax collected at present = Assessed value of real estate at present * Property tax %

Pre-thinking: Since the assessed value has declined , the total property tax will decrease .

A. The percentage of Altonville’s yearly revenue that comes from money collected in property taxes did not change over the past four years.
Out of scope - we have no information on percentage of Altonville’s yearly revenue and the amount contributed by property taxes to the total revenue.
B. The percentage of Altonville’s yearly revenue that comes from money collected in property taxes has declined steadily over the past four years.
Might be true - but need not be true - The total Altonville’s yearly revenue might be declined by bigger % .
C. The amount of revenue that Altonville collected from property taxes was lower last year than it was four years ago.
Correct
D. During the past four years, Altonville officials increased tax rates on other sources of revenue such as retail sales and business profits.
Out of scope
E. Altonville will soon require property owners to pay a higher percentage of the assessed value of their property as property tax.
Might be true - but need not be true
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Re: The total market value of real estate in Altonville has [#permalink]

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New post 12 Jun 2016, 11:10
PrakharGMAT wrote:
Hi Experts / chetan2u / daagh /aditya8062 / carcass ,

Can you please explain me the above scenario in layman language. At first I thought I should ignore this but this question is completely based on BASIC concept of real state, so I can't ignore it.

If a person don't know the concept of supply, demand and price relation. He/she can't do any question related to market.
Similarly, this concept is really important for me to understand. What is market value. accessed value etc etc.

I googled it too, but it was too complicated. To solve question, I just need basic detail so that I am in a position to solve that question.

Please help.

Thanks and Regards,
Prakhar



Hi PrakharGMAT ,
Market value /price is the economic price for which a good or service is offered in the marketplace . The market price is determined by the market forces of supply and demand.
Assessed value is the monetary value assigned to a property for purposes of measuring applicable taxes .

In India the circle rate is used to determine the assessed value of property . Circle rate is the minimum value at which sale or transfer of a plot, a built-up house, an apartment or a commercial property take place .

Hope this helps!! :)
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Re: The total market value of real estate in Altonville has steadily decli [#permalink]

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New post 26 Jul 2016, 13:38
Hello from the GMAT Club VerbalBot!

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Re: The total market value of real estate in Altonville has steadily decli [#permalink]

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New post 28 Jul 2016, 03:37
venmic wrote:
The total market value of real estate in Altonville has steadily declined over the past four years. This decline has meant that the overall figure on which the city’s property tax is based—the assessed value of that real estate—has also declined. The percentage of assessed value that was paid as property taxes to the city,
however, did not change from year to year during this period.

The information above most strongly supports which of the following?

A. The percentage of Altonville’s yearly revenue that comes from money collected in property taxes did not change over the past four years.
B. The percentage of Altonville’s yearly revenue that comes from money collected in property taxes has declined steadily over the past four years.
C. The amount of revenue that Altonville collected from property taxes was lower last year than it was four years ago.
D. During the past four years, Altonville officials increased tax rates on other sources of revenue such as retail sales and business profits.
E. Altonville will soon require property owners to pay a higher percentage of the assessed value of their property as property tax.


[Reveal] Spoiler:
can an expert please explain how to handle perncetage problems

why is this C

i was assuming D becuase it gives an alternate reason for th increase


Can someone explain why 'B' is wrong!
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Re: The total market value of real estate in Altonville has [#permalink]

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New post 01 Aug 2016, 09:33
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The total market value of real estate in Altonville has steadily declined over the past four years.
This decline has meant that the overall figure on which the city’s property tax is based—the assessed value of that real estate—has also declined.
The percentage of assessed value that was paid as property taxes to the city, however, did not change from year to year during this period.

The information above most strongly supports which of the following?

A. The percentage of Altonville’s yearly revenue that comes from money collected in property taxes did not change over the past four years.
B. The percentage of Altonville’s yearly revenue that comes from money collected in property taxes has declined steadily over the past four years.
>> Scope shifts from PR to AYR. PR can be just one source of AYR. We can say A & B certainly.

C. The amount of revenue that Altonville collected from property taxes was lower last year than it was four years ago.
>> Correct.
D. During the past four years, Altonville officials increased tax rates on other sources of revenue such as retail sales and business profits.
E. Altonville will soon require property owners to pay a higher percentage of the assessed value of their property as property tax.
>> Ignore
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Re: The total market value of real estate in Altonville has [#permalink]

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New post 02 Aug 2016, 01:38
enigma123 wrote:
The total market value of real estate in Altonville has steadily declined over the past four years. This decline has meant that the overall figure on which the city’s property tax is based—the assessed value of that real estate—has also declined. The percentage of assessed value that was paid as property taxes to the city, however, did not change from year to year during this period. The information above most strongly supports which of the following?

A. The percentage of Altonville’s yearly revenue that comes from money collected in property taxes did not change over the past four years.
B. The percentage of Altonville’s yearly revenue that comes from money collected in property taxes has declined steadily over the past four years.
C. The amount of revenue that Altonville collected from property taxes was lower last year than it was four years ago.
D. During the past four years, Altonville officials increased tax rates on other sources of revenue such as retail sales and business profits.
E. Altonville will soon require property owners to pay a higher percentage of the assessed value of their property as property tax.


What's the reasoning behind C?


how to handle this type of questions. can someone advise.

It is always painful for me to handle this type of (num vs. percentage ) questions in exam.

P.S: I read powerscore bible notes on num vs. percentage topic (large percentage doesn't mean large num or small percentage doesn't mean small num)
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Re: The total market value of real estate in Altonville has steadily decli [#permalink]

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New post 14 Sep 2016, 14:22
B is wrong because

Lets say before the tax collected is $40 and total revenue is $100 . The % of tax collected from real estate is 40%

After 4 yrs, tax collected let the value be $20, possibility that even the total revenue could be $50, but still % of tax from real estate is 20%.

C is correct

Lets say tax collected from real estate is X
Due to decrease in first year tax collected is X-a
second year tax collected is X-a-b (because it is decreasing trend as mentioned that realestate tax is decreasing from past 4 yrs)
Third year - X-a-b-c
Fourth year - X-a-b-c-d which is the least when compared to last 4 years.

Hope it helps

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Re: The total market value of real estate in Altonville has steadily decli [#permalink]

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New post 14 Sep 2016, 22:41
B. The percentage of Altonville’s yearly revenue that comes from money collected in property taxes has declined steadily over the past four years.

B is a reverse answer IMO.

It says, that revenues were declining at a higher rate than the decrease of total market value.
For example, total value was $100 four years ago and tax is $10 at 10%
Now, total value declined to $90, but tax revenue is not $9, but even lower
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Re: The total market value of real estate in Altonville has [#permalink]

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New post 02 Apr 2017, 21:54
bkk145 wrote:
The total market value of real estate in Altonville has steadily declined over the past four years. This decline has meant that the overall figure on which the city’s property tax is based—the assessed value of that real estate—has also declined. The percentage of assessed value that was paid as property taxes to the city, however, did not change from year to year during this period.

The information above most strongly supports which of the following?

A. The percentage of Altonville’s yearly revenue that comes from money collected in property taxes did not change over the past four years.
B. The percentage of Altonville’s yearly revenue that comes from money collected in property taxes has declined steadily over the past four years.
C. The amount of revenue that Altonville collected from property taxes was lower last year than it was four years ago.
D. During the past four years, Altonville officials increased tax rates on other sources of revenue such as retail sales and business profits.
E. Altonville will soon require property owners to pay a higher percentage of the assessed value of their property as property tax.


If the percentage of assessed value paid as taxes has not changed, then the amount of revenue must have declined, since you're taking the same percentage from a smaller amount. C.

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Re: The total market value of real estate in Altonville has [#permalink]

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The total market value of real estate in Altonville has steadily declined over the past four years. This decline has meant that the overall figure on which the city’s property tax is based—the assessed value of that real estate—has also declined. The percentage of assessed value that was paid as property taxes to the city, however, did not change from year to year during this period.

The information above most strongly supports which of the following?

A. The percentage of Altonville’s yearly revenue that comes from money collected in property taxes did not change over the past four years.
B. The percentage of Altonville’s yearly revenue that comes from money collected in property taxes has declined steadily over the past four years.
C. The amount of revenue that Altonville collected from property taxes was lower last year than it was four years ago.
D. During the past four years, Altonville officials increased tax rates on other sources of revenue such as retail sales and business profits.
E. Altonville will soon require property owners to pay a higher percentage of the assessed value of their property as property tax.

Pay attention to the last sentence: the percentage of the tax collected as property tax is unchanged, that means the share of property tax from the total tx has not changed but this does not mean that the amount has not decreased..After understanding the last line we can clearly find C to be the correct answer.

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Re: The total market value of real estate in Altonville has steadily decli [#permalink]

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New post 19 Apr 2017, 07:59
venmic wrote:
The total market value of real estate in Altonville has steadily declined over the past four years. This decline has meant that the overall figure on which the city’s property tax is based—the assessed value of that real estate—has also declined. The percentage of assessed value that was paid as property taxes to the city,
however, did not change from year to year during this period.

The information above most strongly supports which of the following?

A. The percentage of Altonville’s yearly revenue that comes from money collected in property taxes did not change over the past four years.
B. The percentage of Altonville’s yearly revenue that comes from money collected in property taxes has declined steadily over the past four years.
C. The amount of revenue that Altonville collected from property taxes was lower last year than it was four years ago.
D. During the past four years, Altonville officials increased tax rates on other sources of revenue such as retail sales and business profits.
E. Altonville will soon require property owners to pay a higher percentage of the assessed value of their property as property tax.


[Reveal] Spoiler:
can an expert please explain how to handle perncetage problems

why is this C

i was assuming D becuase it gives an alternate reason for th increase


Tough one ..still confused between C & D ..
Infact, I rejected C straight away !!!
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Re: The total market value of real estate in Altonville has steadily decli [#permalink]

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New post 07 Oct 2017, 01:10
I think B should be the answer.Could you please verify and certify the answer

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