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Talja [164]
3 years ago
15

Central City needs to have an income of $3,560,000. The total property is valued for taxation at $92,000,000.What is the tax rat

e?%
Business
1 answer:
asambeis [7]3 years ago
5 0

Answer:

3.87%

Explanation:

Data provided in the question:

Income needed by the central city = $3,560,000

Total Value of the property for the taxation = $92,000,000

Now,

The income needed by  the central city = Tax collected

or

The income needed by  the central city = Total Value of the property for the taxation × Tax rate

or

$3,560,000 = $92,000,000 × Tax rate

or

Tax rate = $3,560,000 ÷ $92,000,000

or

Tax rate = 0.0387

or

Tax rate = 0.0387 × 100%

= 3.87%

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