Question

he municipality of Rock Island needs $915,000 from property tax to meet its budget. The total value of assessed property in Rock Island is $14,000,000. What's the tax rate per dollar? (Round your answer to the nearest thousandth.) A. $.07 B. $.071 C. $.0655 D. $.065

Answer 1

If the total value of property is $14,000,000, and the municipality needs to raise $915,000 from this, it can calculate its tax rate by dividing 915,000 / 14,000,000, which gives 0.065357. Therefore, if we round off to the nearest thousandth, we get 0.065, which is D.