NOTES TO FINANCIAL STATEMENTS

NOTE 6. PROPERTY TAXES

The City receives its property tax revenue from Fayette County, which assesses, levies, and collects the taxes, including real and personal property, mobile homes, and motor vehicles. Tax bills were levied to taxpayers on July 1, 2013 and were due and payable on November 15, 2013. All unpaid taxes became delinquent as of November 16, 2013. Property taxes attached as an enforceable lien on property as of November 16, 2013. Receivables are recorded when taxes are levied.

NOTE 7. CAPITAL ASSETS

Capital asset activity for the fiscal year ended July 31, 2014 is as follows: