The property taxes on a business office were $1,403. What was the tax rate if the business office was valued at $100,000? Round your answer to the nearest hundredth of a percent.
1403/100,000 = 0.01403 = 1.40%
To determine the tax rate, we need to divide the property taxes by the value of the business office and then convert it to a percentage. Here are the steps to follow:
Step 1: Divide the property taxes by the value of the business office:
Tax rate = Property taxes / Value of the business office
In this case, the property taxes are $1,403 and the value of the business office is $100,000, so we have:
Tax rate = $1,403 / $100,000
Step 2: Calculate the tax rate as a decimal:
Tax rate = 0.01403
Step 3: Convert the tax rate to a percentage by multiplying by 100:
Tax rate = 0.01403 * 100
Step 4: Round the tax rate to the nearest hundredth of a percent:
Tax rate = 1.40%
Therefore, the tax rate on the business office is approximately 1.40%.