Recr 444

Tax Base

(total value of properties in a certain area or jurisdiction).Tax Base- Aggregate value of all assessed property

Levy tax

A government charge on specific goods, income, or property to raise funds for public projects or services. A tax imposed by the IRS that makes sure you pay off your levies

Property taxes

A local tax you pay based on the value of property you own, like land or buildings, to help fund community services.

Real estate tax

A local tax you pay on the value of land and buildings you own, helping fund public services in your area. (REET and capital gains) 1.28% + 0.5%

Program budget

A logical grouping of activities is defined, and money is allocated to these activities. (trips and tours vs classes). Used frequintly for our field. Initial step is for key agency staff to identify each program they provide. May have layered groupings of programs. Next step is to determine costs associated with each program. Costs systematically removed from line item, allocated to each program. Illustrates services with their related costs, often with specific numbers of "items" identified

Hotel/ motel tax

A tax added to the cost of staying in hotels or motels, used to fund local projects and tourism services. A consumers tax that applies for people staying in hotels for less than 30 days

Luxury tax

A tax on high-cost, non-essential goods, like expensive jewelry or cars, to generate revenue for public services.

Excise tax

A tax on specific goods, like gasoline or alcohol, often included in the price to fund public services. An indirect tax imposed on the manufacturing of specific items

What is a property tax

A tax on the value of a property

Income tax

A tax you pay to the government based on the money you earn, which helps fund public programs and services.

Why do banks use risk determination to offer credit, and what remedy do they have for the risk they take?

Banks use risk determination because it helps them assess whether a person receiving a loan will be able to pay it back. They have numerous different systems that make sure that they aren't loaning more than a loaner can pay back, using credit score as an example for how much a bank may be willing to loan to someone.

Incremental

Budget decisions should be viewed as essentially incremental, with the last fiscal year serving as the base upon which the new year is judged

Outcomes

Describe the anticipated short and long-term outcomes that will be produced from your program Example: short term we give more houses for people to buy. Long term the price of Houses decrease overall.

Problem statement

Describe the issue and why it needs to be addressed Example: House price increase

Rational positives

Efficient use of resources. Strategic planning for long term. Encourages innovation

Process budgets

Expenditures and revenue separated on the spreadsheet. General categories typically exist in most, but vary from company to company

What do we mean by match the hatch when it comes to applying for grants? And what is a seed grant (or how is the term typically used when we're talking about grants)?

Finding a grant that tailors specifically to what you would be using the grant for. Matching your descriptions to the descriptions of the grant.

What is Proposition 13 and why does it still matter today?

Happened in 1978 and cut property taxes in half. It allowed only 1% of property value to be taxed. Provided a limitation on the increase allowed per year (2% per year). It still matters because it discourages home sales since the new AV may make the tax % go up. Provides a linear plan for how much will be taxed.

What is an argument AGAINST property taxes?

If the effective tax rate declines with house value, it surely will also decline with income, rendering the property tax a regressive tax, which would make it an unjust tax based on the ability-to-pay principle. 24% of the nation rates " property taxes" as the worst tax,anti housing levy (discourages home ownership, prices people out of markets) , shock payment, significant effect in marginal neighborhoods.

Performance budget

Initial step is for key agency staff to identify each program they provide, then determine costs associated with each program. Illustrates services for their related costs. Listen for the word ratio. Identifies specific program outputs which are associated with specific program money requests. Places emphasis on the relationship between resource inputs and program outputs. Answers the question: what is achieveed with the money spent? Mission statements, objectives, and performance indicators may also be included- esentially a management tool

What is one primary way we try to "fix" recessions?

Interest rates. Promoted the Federal Reservee since they helped stabilize the economy, as well as also regulating the flow of money.

Debt Ceiling

Is a restriction imposed by Congress on the amount of outstanding national debt that the federal government can have. How much money we can borrow.

What is an argument FOR property taxes?

It continues to be the most important revenue source for public schools, fire protection, libraries, and parks and recreation. Limits other taxes. Property taxes often stack city, country,school, and special all together. Shift to sales tax and fees.

What is a seed grant (or how is the term typically used when we're talking about grants)?

It's a grant that's given to a program that has yet to be created. Working as the starter for a program.

What is predatory lending?

Loans that were provided in advance with unfair numbers, knowing that the people who received the loans wouldn't be able to pay them back

Who can property taxes hurt?

Marginalized neighborhoods. Small business owners. People on a fixed income. They can hurt the wealthy too.

Incremental Negatives

Not very flexible. Not good for long term planning

Line-item budget

Oldest and most common form of budgeting. Focus is on allocation of funds, not on service benefit outputs

How did the 2007-2009 recession happen?

Predatory lending. Debt. no regulation of mortgage companies, lenders, and banks. Stock market crashed. Mass layoffs/ unemployment

What are the 4 primary stages of the concept map in grant writing?

Problem statement, program description, outcomes, and evaluation

Who can property taxes help?

Provides an immense amount of funding for schools, parks, hospitals, etc. Maintain infrastructure. Economic stability

Recession- how did we get out of it and what can the government do to impact this?

Regulated and managed the flow of money. The federal reserve stabilized the financial market and promoted economic recovery. The government implemented the Dodd-Frank act, which introduced reforms to increase transparency and oversight of financial institutions. Created the Consumer Financial Protection

Incremental Positives

Simple and reliable. Reduces resistance from departments

Zero based budgets

Starts from ground zero each year. Decision packets, which are budget proposals, have alternate levels of spending.

Rational

Stresses "rational" decision-making and requires examining budget decisions for a set of objectives, using analytical techniques to help discern the best decision possible

Program description

Tell us what you will do to address the issue, Example: build more houses

Evaluation

Tells the grant fiving agency how you will measure each outcome, specifically with appropriate indicators

Rational negative

Time consuming and complex. Potential for bias. High costs.

Why do we utilize property taxes and advocate for them in the field?

We utilize and advocate them for the field because that's how we make money in recreation. They provide funding for development and maintenance of parks. They help with urban planning and development and support community well-being overall

Assessed value

When a government employee determines a value of a property. Can be based off the CMV (current market value) if the property was sold recently

CMV

current market value. air market value in sale,The value of a home determined by what someone is willing or likely to pay. Determined by comps. and/or recent sales price.

Sales tax

the tax burden as a share of income is highest for low-income households and falls sharply as household income rises. 6.5% state 2.3% country/city

How do tax rates work?

total budget is (subtracted by) other sources of income, which is then (divided by) the total assessed property value Applied Example: $5,000,000 =0.01 $500,000,000 Example: $120,000.00 X .01 = $1,200.00