On June 1, 20X4, a school district levies the property taxes for its fiscal year that will end on June 30, 20X5. The total amount of the levy is $1,000,000, and it is expected that 1% will be uncollectible. Of the levy, $250,000 is collected in June 20X4 and another $500,000 is collected in July and August 20X4. What amount of property tax revenue associated with the June 1, 20X4, levy should be reported as revenue in the fiscal year ending June 30, 20X4?