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The total market value of real estate

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by NandishSS » Fri Jan 05, 2018 4:55 am
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. Moreover, the percentage of assessed value that was paid as property taxes to the city did not change
during this period.

The information above most strongly supports which of the following?

A. Money collected from property taxes provided most of Altonville's revenue during the past four years.
B. The percentage of Altonville's overall revenue that was collected from property taxes did not change over the past four years.
C. Altonville officials had proposed raising property tax rates during the past four years but never did so because of strong opposition from property owners.
D. The total amount of revenue that Altonville has collected from property taxes has declined over the past four years.
E. During the past four years, Altonville officials also did not increase tax rates on other sources of revenue such as retail sales or business profits.

OA: D

Source:GMATPrep EP1

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altonville

by GMATGuruNY » Fri Jan 05, 2018 5:36 am
NandishSS 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. Moreover, the percentage of assessed value that was paid as property taxes to the city did not change
during this period.

The information above most strongly supports which of the following?

A. Money collected from property taxes provided most of Altonville's revenue during the past four years.
B. The percentage of Altonville's overall revenue that was collected from property taxes did not change over the past four years.
C. Altonville officials had proposed raising property tax rates during the past four years but never did so because of strong opposition from property owners.
D. The total amount of revenue that Altonville has collected from property taxes has declined over the past four years.
E. During the past four years, Altonville officials also did not increase tax rates on other sources of revenue such as retail sales or business profits.
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 D:
The total amount of revenue that Altonville has collected from property taxes has declined over the past four years.

The correct answer is D.
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by NandishSS » Tue Jan 09, 2018 3:49 am
HI Mitch,

Can you pls elaborate little more, didn't get.

Also POE

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by GMATGuruNY » Tue Jan 09, 2018 4:22 am
NandishSS wrote:HI Mitch,

Can you pls elaborate little more, didn't get.

Also POE

Thanks
Nandish
Consider the following case:

Passage: The total market value of real estate in Altonville has steadily declined over the past four years.
Four years ago, the total market value was $1000.
Today, the total market value is $100.

Passage: The percentage of assessed value that was paid as property taxes to the city did not change.
Four years ago, the property tax rate was 10%.
Today, the property tax rate remains 10%.

Implication:
Four years ago, the amount of property tax revenue = 10% of 1000 = $100.
Today, the amount of property tax revenue = 10% of 100 = $10.
The values in blue support the D:
The total amount of revenue that Altonville has collected from property taxes has declined over the past four years..
In the case above, the total amount decreases from $100 four years ago to $10 today.

The correct answer is D.

An inference is a statement that MUST BE TRUE, given the information in the passage.
The remaining four answer choices refer to information not discussed in the passage and thus do not have to be true.

A. Money collected from property taxes provided most of Altonville's revenue during the past four years.
The passage is constrained to revenue from PROPERTY TAXES.
It provides no information about MOST of Altonville's revenue.
Eliminate A.

B. The percentage of Altonville's overall revenue that was collected from property taxes did not change over the past four years.
The passage is constrained to revenue from PROPERTY TAXES.
It provides no information about OVERALL revenue.
Eliminate B.

C. Altonville officials had proposed raising property tax rates during the past four years but never did so because of strong opposition from property owners.
The passage is constrained to revenue from PROPERTY TAXES.
It provides no information about proposals from officials or opposition from property owners.
Eliminate C.

E. During the past four years, Altonville officials also did not increase tax rates on other sources of revenue such as retail sales or business profits.
The passage is constrained to revenue from PROPERTY TAXES.
It provides no information about OTHER SOURCES of revenue.
Eliminate E.
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