Answer:
1.7%
Explanation:
Given: Market value of property is $325000
Assessed value of property is $250000.
Exemption: $50000
Tax paid: $5363.
Now, finding the effective tax rate for piece of property.
Effective tax rate= [tex]\frac{tax\ paid\ on\ property}{Market\ value\ of\ property} \times 100[/tex]
⇒ Effective tax rate= [tex]\frac{5363}{325000} \times 100[/tex]
⇒ Effective tax rate= [tex]1.65\% \approx 1.7\%[/tex]
∴ The effective tax rate for a piece of property is 1.7%
