Jerome recently moved to a new city and bought a home. The assessment rate is 51%. The property tax rate is $53.26 per $1000. Wh
at is the effective tax rate? Show all work.
1 answer:
Given:
assessment rate = 51%
tax rate = 53.26 per 1,000
53.26 / 1000 = 0.05326
0.05326 x 100% = 5.326%
Effective tax rate = assessment rate * tax rate
ETR = 51% * 5.326%
ETR = 2.72%
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