The total assessed property value in River City is $106,000,000. Budget planners have determined that $7,663,800 will be required to provide all government services next year. What tax rate is required to meet the budgetary demands? (Express your answer as a percent rounded to the nearest hundredth)

Question

Quizplus · Accepted Answer

To find the required tax rate, divide the total amount needed ($7,663,800) by the total assessed property value ($106,000,000) and multiply by 100 to convert to a percentage: ($7,663,800 / $106,000,000) * 100 = 7.23%.

The Total Assessed Property Value in River City Is $106,000,000