Under the modified accrual basis of accounting, GASB standards for property tax revenue recognition provide that revenue should not be recognized for property taxes collected:

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GASB standards require property taxes expected to be collected within 60 days of year end to be included in revenues of the year assessed. Taxes expected to be collected later than 60 days after year-end are deferred and recognized as revenue in the following year.

Under the Modified Accrual Basis of Accounting, GASB Standards for Property