In accounting for property taxes, under the modified accrual basis, existing standards provide that, except in unusual circumstances, revenues should be recognized only if cash is expected to be collected within sixty days after year-end.

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This is true. The modified accrual basis recognizes revenues when they are both measurable and available, which means that they are collected within a reasonable time period. For property taxes, if cash is expected to be collected within sixty days after year-end, the revenue can be recognized. However, if there are unusual circumstances that suggest that the cash may not be collected within sixty days, the revenue should not be recognized until the cash is received.

In Accounting for Property Taxes, Under the Modified Accrual Basis