Question

5. The municipality of Waterloo needs $915,000 from property tax to meet its budget. The total value of

assessed property in Waterloo is $14,000,000. What is the tax rate per dollar? (Round your answer to the
nearest thousandth.)
A. $.0655
B. $.07
C. $.065
D. $.071

Answer 1

Let us assume the tax rate per dollar = x
Amount of money needed as tax = $915000
Assesses property value = $14000000
Then
14000000 * x = 915000
x = 915000/14000000
= 0.065 dollars
From the above deduction it can be concluded that the correct option among all the options that aregiven in the question is option "C".