Central city needs to have an income of $3,560,000. the total property is valued for taxation at $92,000,000. what is the tax rate (to the nearest tenth)?
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below is the solution:
$3,560,000
------------------- x 100% = 3.86956521% = 3.9% rounded off
$92,000,000
Answer: Tax rate nearest tenth is 3.9%.
Step-by-step explanation:
Since we have given that
Value of total property for taxation = $92000000
Amount of income central city needs to have = $3560000
We need to find the tax rate :
tax rate is given by
\(\frac{3560000}{92000000}\times 100\\\\=\frac{356}{92}\\\\=3.87\%\\\\=3.9\%\)
Hence, Tax rate nearest tenth is 3.9%.