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?
2 answers:
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.
Therefore the tax rate is 4%.
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Step-by-step explanation:
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