The county of Blue needs $800,000 from property tax to meet its budget requirements. The total value of assessed property in Blue is $140,000,000. The tax rate of Blue in mills to nearest hundredth is (be sure to round the tax rate to the nearest hundred thousandth before converting to mills) :

Question

Ty Munoz

Business

29 July, 07:25

The county of Blue needs $800,000 from property tax to meet its budget requirements. The total value of assessed property in Blue is $140,000,000. The tax rate of Blue in mills to nearest hundredth is (be sure to round the tax rate to the nearest hundred thousandth before converting to mills) :

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Answers (1)

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Luciana Lang · Answer 1

Blue's tax rate should equal 0.57%

Explanation:

To calculate Blue's tax rate we have to divide the amount of money they need to meet its budget requirements by the total value of assessed property.

Blue's tax rate = ($800,000 / $140,000,000) x 100 = 0.0057 x 100 = 0.57%

Most cities use property taxes to raise revenue, and it probably is the most commonly used method. Other taxes include municipal sales taxes and municipal income taxes.