Question

Town A has an assessed value of $10 million. They must raise $600,000 for the school levy. What is the tax rate per $100?

Answer 1

The tax rate per $100 in Town A is 6%.

Step-by-step explanation:

To find the tax rate per $100, we first need to calculate the total assessed value for the town. The assessed value is $10 million, and the school levy amount is $600,000. So, the tax rate can be calculated by dividing the levy amount by the assessed value and then multiplying by 100.

Tax rate per $100 = (Levy amount / Assessed value) * 100

Tax rate per $100 = ($600,000 / $10,000,000) * 100 = 6%

Therefore, the tax rate per $100 in Town A is 6%.