Question

The property taxes on a business office were $840. What was the tax rate of the business office was valued at 105,000

Answer 1

Answer: 8%

Explanation:

Given : Property taxes on a business office = $840.

The assessed value of the business office = $105,000

Required formula :

Tax value = (Tax rate divide by 100) x Assessed value

i.e. Tax rate = (Tax value divided by Assessed value) x

i.e. Tax rate = ($840 ÷$105,000) x 100 = 0.08 x 100 = 8%

Therefore , the required tax rate = 8%