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Notes to Basic Financial Statements For the Fiscal Year Ended June 30,2004 <br /> ' F. Accounts Receivable <br /> ' Government-Wide and Fund Financial Statements <br /> The recognition of revenue related to accounts receivable reported in the government-wide financial statements <br /> and fund financial statements are reported under the accrual basis of accounting and the modified accrual basis of <br /> ' accounting,respectively. <br /> Real Estate Taxes,Personal Property Taxes and Tax Liens <br /> Real estate and personal property taxes are levied and based on values assessed on January 15t of every year. <br /> Assessed values are established by the Board of Assessor's for 100% of the estimated fair market value. Taxes are <br /> ' due on November 1st,February 1st,May 1st and August 1st and are subject to penalties and interest if they are not <br /> paid by the respective due date. Real estate and personal property taxes levied are recorded as receivables in the <br /> fiscal year of the levy. <br /> ' Real estate tax liens are processed approximately six months after the close of the valuation year on delinquent <br /> properties and are recorded as receivables in the fiscal year they are processed. <br /> ' Motor Vehicle and Other Excise Taxes <br /> Motor vehicle excise taxes are assessed annually for each vehicle registered in the Town and are recorded as <br /> ' receivables in the fiscal year of the levy. The Commonwealth is responsible for reporting the number of vehicles <br /> registered and the fair values of those vehicles to the Town. The tax calculation is the fair value of the vehicle <br /> multiplied by$25 per$1,000 of value. <br /> ' Landbank Surcharges <br /> Landbank surcharges are levied annually and at a rate of 3% of residents'real estate tax bills. The surcharge is <br /> ' due with the real estate tax on November 1st, February 1st,May lst and August 1st and are subject to penalties and <br /> interest if they are not paid by the respective due date. Overdue surcharges would be included on the tax liens <br /> processed on delinquent real estate taxes. Surcharges are recorded as receivables in the fiscal year of the levy. <br /> Departmental and Other <br /> t Departmental and other receivables represent amounts due from ambulance fees and other various departmental <br /> activities. These receivables are recorded when the service has been provided or the applicable agreement has <br /> been entered into. <br /> ' Intergovernmental <br /> Various state and federal operating and capital grants are applied for and received annually. For non- <br /> expenditure driven grants,revenue is recognized as soon as all eligibility requirements imposed by the provider <br /> have been met. For expenditure driven grants,revenue is recognized when the qualifying expenditures are <br /> incurred and all other grant requirements are met. <br /> ' Loans <br /> The Town administers various loan programs to residents that provide assistance to comply with Title V(related <br /> to septic systems)requirements. Loans are recorded as receivables upon issuance. <br /> 1 <br /> Town ofMashpee,Massachusetts 23 Basic Financial Statements <br />