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 your answer to the
nearest thousandth.)
A. $.07
B. $.065
C. $.071
D. $.0655
A.?
I get 980,000 when I multiply 14,000,000 by 0.07.
That's too much.
Didn't we agree on an answer a couple of hours ago?
.o65
To find the tax rate per dollar, we can divide the required amount of $915,000 by the total value of assessed property, which is $14,000,000.
Tax rate per dollar = (Required amount / Total value of assessed property)
Tax rate per dollar = $915,000 / $14,000,000
Tax rate per dollar = 0.06535714285714286
Rounding to the nearest thousandth, the tax rate per dollar is approximately 0.065.
Therefore, the correct answer is B. $.065.
To find the tax rate per dollar, we need to divide the total amount needed ($915,000) by the total assessed property value ($14,000,000).
Tax rate per dollar = Amount needed / Total property value
Tax rate per dollar = $915,000 / $14,000,000
To calculate the answer, divide the numerator by the denominator using a calculator or a spreadsheet software:
Tax rate per dollar ≈ 0.0654
Rounding the answer to the nearest thousandth, the tax rate per dollar is approximately 0.065.
Therefore, the correct answer is B. $.065.