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Market value of Altonville - GMAT prep Exam pack 1

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by prata » Mon May 23, 2016 3:56 am
The total market value of real estate in Altonville has steadily declined over tbe past four years. This decline has meant that the overall figure on which the city's property tax is based - the assessed value 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?

1. The percentage of Altonville's yearly revenue that comes from money collected in property taxes did not change over the past four years
2. The percentage of Altonville's yearly revenue that comes from money collected in property taxes has declined steadily over the past four years
3. The amount of revenue that Altonville collected from property taxes was lower last year than it was four years ago.
4. During the past four years, Altonville officials increased tax rates on other sources of revenue such as retail sales and business profits
5. Altonville will soon require property owners to pay a higher percentage of the assessed value of their property tax.
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by OptimusPrep » Mon May 23, 2016 10:36 am
Market value is going down
This means total figure on which tax is based is going down
But the percentage of tax has not decreased

Since the total value has decreased, but the percentage has not decreased, this means that the value of the tax has also decreased.

Option C says the same.

Correct answer: C
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by jain2016 » Mon May 23, 2016 11:33 pm
OptimusPrep wrote:Market value is going down
This means total figure on which tax is based is going down
But the percentage of tax has not decreased

Since the total value has decreased, but the percentage has not decreased, this means that the value of the tax has also decreased.

Option C says the same.

Correct answer: C
Hi Optimus ,

In option B says that the revenue collected has declined, also the tax percentage has not decreased. So if the revenue has decreased without any changes in the tax rates that's why the market vale has been decreased. So I think this actually supports the argument that the market value in Altonville has steadily decline.

In option C says The amount of revenue that Altonville collected from property taxes was lower last year than it was four years ago. So this is actually comparing the last year than four years. How come this statements supports?


Please explain and correct me.

Many thanks in advance.

SJ
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by GMATGuruNY » Tue May 24, 2016 8:36 am
jain2016 wrote:In option B says that the revenue collected has declined, also the tax percentage has not decreased. So if the revenue has decreased without any changes in the tax rates that's why the market vale has been decreased. So I think this actually supports the argument that the market value in Altonville has steadily decline.
Question stem:
The information above most strongly supports which of the following?
The correct answer choice does NOT need to support the argument.
In fact, the reverse is true:
The ARGUMENT must support the correct answer choice.
In other words:
Given the information in the passage, which answer choice MUST BE TRUE?

B: The percentage of Altonville's yearly revenue that comes from money collected in property taxes has declined steadily over the past four years.
In other words, the value of the following fraction has declined:
(property tax revenue)/(total yearly revenue).
Since the passage offers no information about the total yearly revenue in Altonville, answer choice B does NOT have to be true.
Eliminate B.
In option C says The amount of revenue that Altonville collected from property taxes was lower last year than it was four years ago. So this is actually comparing the last year than four years. How come this statements supports?
The passage indicates that PROPERTY VALUES HAVE DECLINED, while THE PROPERTY TAX RATE HAS REMAINED THE SAME.
Thus, it must be true that there has been A DECREASE IN PROPERTY TAX REVENUE, supporting answer choice C:
The amount of revenue that Altonville collected from property taxes was lower last year than it was four years ago.

The correct answer is C.
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by jain2016 » Tue May 24, 2016 9:39 am
Thank you sir for correcting me.

All clear now.

Thanks

SJ
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