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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)?

Respuesta :

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 = [tex]\frac{Property\ tax\ amount}{Value\ of assessed\ property}[/tex]

= [tex]\frac{915000}{14000000}[/tex]

= .06536

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