Under GASB Statement 33 requirements for accrual accounting, property tax revenue should be recognized in the period that the tax is collected.

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Property tax revenue is an imposed nonexchange transaction. Property taxes collected within 60 days after the end of the fiscal year may be deemed to be available and recorded as revenue in the year assessed, rather than the year collected.

Under GASB Statement 33 Requirements for Accrual Accounting, Property Tax