Property in Dry Gultch County is assessed at $305,000,000. The taxes to be raised are $13,750,000. What is the tax rate?
Mathematics · High School · Thu Feb 04 2021
Answered on
Given:
Property in Dry Gultch County is assessed at $305,000,000. The taxes to be raised are $13,750,000.
Determine the tax rate.
Solution:
In order to determine the tax rate, we simply need to divide 13,750,000 by 305,000,000
= $13,750,000/$305,000,000
= 0.045
Since we are given a decimal answer, in order to convert it into percentage, we multiply the decimal by 100. Hence, in converting a percentage into decimal, we divide the percentage by 100.
= (0.045)(100)
= 4.5%
Final answer:
The tax rate is 4.5%