The county of Blue needs $800,000 from property tax to meet its budget requirements. The total value of assessed property in Blue is $140,000,000. The tax rate of Blue in mills to nearest hundredth is (be sure to round the tax rate to the nearest hundred thousandth before converting to mills):

Question

Quizplus · Accepted Answer

To find the tax rate in mills, first calculate the tax rate as a decimal: $800,000 / $140,000,000 = 0.0057142857. Round this to the nearest hundred thousandth: 0.00571. Convert to mills by multiplying by 1000: 0.00571 * 1000 = 5.71 mills.

The County of Blue Needs $800,000 from Property Tax to Meet