Question

The property taxes on a boat were $375. What was the tax rate if the boat was valued at $75,000? Follow the problem-solving process and round your answer to the nearest hundredth of a percent if necessary.

Answer 1

The tax rate on the boat is 0.5%.

Step-by-step explanation:

To find the tax rate, we can use the formula:

Tax rate = (Property taxes / Value of the boat) x 100%

Substituting the given values, we get:

Tax rate = ($375 / $75,000) x 100%

Tax rate = 0.005 x 100% = 0.5%

Therefore, the tax rate on the boat is 0.5%.