Annual Reports Town of Sandwich, New Hampshire 1988

Cover Annual Reports Town of Sandwich, New Hampshire 1988
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The Town feels this practice of accrual is justified, as it more appropriately matches the liability to the school district entity at December 31 with collections which are intended to finance these payments through June 30 of the following year.
Annually, the Town establishes and raises through taxation an amount for abatements and refunds of property and resident taxes, known as overlay.
All abatements and refunds are charged to this account. The amount raised in 1988 was $21,044 and expendit
...ures amounted to $34,327.
As prescribed by law, the tax collector places a lien on properties for all uncollected property taxes in the following year after taxes are due.
The lien on these properties has priority over other liens and accrues interest at 18% per annum.
If property is not redeemed within the two-year redemption period, the property is tax-deeded to the Town.
K. Inter fund Transactions During the course of normal operations, the Town has numerous transactions between funds, including expenditures and transfers of resources to provide services and fund capital outlay.


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