In accounting for property taxes, under the modified accrual basis, existing standards provide that, except in unusual circumstances, revenues should be recognized only if cash is expected to be collected within sixty days of year-end.

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This statement is true. Under the modified accrual basis of accounting, property tax revenues are recognized when they are both measurable and available. Generally, this means that property tax revenues should only be recognized if they will be collected within sixty days of year-end, except in unusual circumstances.

In Accounting for Property Taxes, Under the Modified Accrual Basis