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 to nearest thousandths)?
A) $.071
B) $.07
C) $.0655
D) $.065
E) None of these

Question

Quizplus · Accepted Answer

The tax rate is calculated by dividing the needed tax revenue by the total assessed property value: $915,000 / $14,000,000 = 0.065357, which rounds to 0.065.

The Municipality of Waterloo Needs $915,000 from Property Tax to Meet