Question

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?

A. 0.22%
B. 4.5%
C. 0.45%
D. 2.2%

Answer 1

The tax rate is obtained by dividing the amount of the taxes be raised by the cost of the property. Then, multiply the quotient by 100%. The operations are shown below,
($13,750,000) / ($305,000,000) x 100%
The answer is approximately equal to 4.5%. Thus, the answer is letter B.