Question

Choose the correct answer.Property in Wells County is assessed at $240,000,000. The taxes to be raised are $11,640,000.What is the tax rate? %

Answer 1

The tax rate is equal to 4.85%.

Step-by-step explanation:

This problem requires us to caluclate rate at which Wells county is paying tax. The taxable profit and tax liability is given in the question. So we can calculate the rate by dividing tax liability with taxable profit.

Tax rate = tax liability/ taxable profit * 100

tax rate = 11,640,000/240,000,000 *100

Tax rate = 4.85%