1. An assessment rate is 47%. The property tax is $39.94 per $1,000. What is the effective tax rate?
Round to the nearest tenth of percent.
2. A property tax rate is $7.79 per $100 of assessed value. what is the tax rate as a decimal?
Please help.
1. To calculate the effective tax rate, we need to multiply the assessment rate (expressed as a decimal) by the property tax rate. The assessment rate is given as 47%, which means it is 0.47 in decimal form.
a. Convert the assessment rate to a decimal: 47% = 0.47.
b. The property tax rate is $39.94 per $1,000. We need to convert this rate to a decimal by dividing it by 1,000:
Property tax rate = $39.94 / $1,000 = 0.03994.
c. Multiply the assessment rate by the property tax rate:
Effective tax rate = 0.47 * 0.03994.
d. Calculate the effective tax rate:
Effective tax rate = 0.0187598.
e. Round the effective tax rate to the nearest tenth of a percent:
Effective tax rate = 1.9%.
Therefore, the effective tax rate is 1.9%.
2. To calculate the tax rate as a decimal, we need to divide the property tax rate by 100.
a. The property tax rate is given as $7.79 per $100.
b. Convert the property tax rate to a decimal:
Property tax rate = $7.79 / $100 = 0.0779.
Therefore, the tax rate as a decimal is 0.0779.