Question

The community budget is $250,000 for a new library building, and there's a total assessed property value of $850,000. Calculate the tax rate per dollar.

A. 0.2411
B. 0.2941
C. 0.2020
D. 0.9241

Answer 1

To calculate the tax rate per dollar, divide the community budget by the total assessed property value:

Tax Rate = Community Budget / Total Assessed Property Value
Tax Rate = $250,000 / $850,000
Tax Rate ≈ 0.2941

So, the correct option is:

B. 0.2941