Question

Property in Live Oak County is assessed at $250,000,000. The taxes to be raised are $10,000,000. What is the tax rate?

Answer 1

4% on the taxes. 10mil/ 250 mil = .04

Answer 2

The tax rate is 4%.

Explanation:

It is given that the property in Live Oak County is assessed at $250,000,000.

The total amount of tax raised on property is $10,000,000.

Let the tax rate be x%.

Since the rate of tax is x%, therefore x% of $250,000,000 is equal to $10,000,000.

`250,000,000* (x)/(100)=10,000,000`

`2,500,000* x=10,000,000`

`x=(10,000,000)/(2,500,000)`

`x=(100)/(25)`

`x=4`

Therefore the tax rate is 4%.