Question

A school districts property tax rate rises from 2.5% to 2.7% to cover a $300,000 budget deficit. What is the value of the property in the school district to the nearest dollar. PLEASE HELP

Answer 1

: $150,000,000 or 150 million

Explanation:

Answer 2

Total Increase in tax rate= 2.7%-2.5% =0.2%
Now to find the total value of the property,
we get
Total value= $300,000/0.2%
As 0.2% = 0.2/100 = 0.002
Total value= $300,000 x 1/0.002
Total value=$150,000,000

Answer: $150,000,000 or 150 million