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

Question

Brums [2.3K]

4 years ago

6

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.

Mathematics

1 answer:

mrs_skeptik [129] · Answer 1 · 2022-01-30T12:59:27+03:00

mrs_skeptik [129]4 years ago

8 0

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%