Question

The municipality of Waterloo needs $915,000 from property tax to meet its budget. The total value of assessed property in Waterloo is $14,000,000. What is the tax rate per dollar (Round UP to the next mill (thousandth) of a dollar)?

Answer 1

Answer: Tax rate per dollar =  .06536

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 = $\frac{Property\ tax\ amount}{Value\ of assessed\ property}$

= $\frac{915000}{14000000}$

= .06536