At the time property tax is levied on property owners the tax would be recorded as a:

Question

Quizplus · Accepted Answer

Property tax is a tax on the ownership of property, and is typically assessed by local or state governments. When tax is levied on property owners, it creates a legal obligation for them to pay the amount to the government. The amount due from property owners at the time of tax levy is recorded as a receivable, since it represents an amount owed to the government that is expected to be collected in the future. Thus, the best choice among the given options is C) Receivable.

At the Time Property Tax Is Levied on Property Owners