Question

Property in Live Oak County is assessed at $250,000,000. The taxes to be raised are $10,000,000. What is the tax rate?

Answer 1

4% on the taxes. 10mil/ 250 mil = .04

Answer 2

Answer:

The tax rate is 4%.

Step-by-step explanation:

It is given that the property in Live Oak County is assessed at $250,000,000.

The total amount of tax raised on property is $10,000,000.

Let the tax rate be x%.

Since the rate of tax is x%, therefore x% of $250,000,000 is equal to $10,000,000.

$250,000,000\times \frac{x}{100}=10,000,000$

$2,500,000\times x=10,000,000$

$x=\frac{10,000,000}{2,500,000}$

$x=\frac{100}{25}$

$x=4$

Therefore the tax rate is 4%.