The municipality of Waterloo needs $915,000 from property tax to meet its budget. The total value of assessed property in Waterl
oo is $14,000,000. What is the tax rate per dollar (Round UP to the next mill (thousandth) of a dollar)?
1 answer:
Answer: <em>Tax rate per dollar = .06536</em>
Given:
Amount needed from property tax = $915000
Value of assessed property = $14000000
Therefore, we'll compute tax rate per dollar as:
Tax rate per dollar = 
= 
= .06536
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