Value of Boat = $ 175,000
Property Tax = $2,883
To determine tax rate, we can use the formula:
Tax Rate (%) = [tex]\frac{Property Tax}{Value of the Boat}[/tex] × 100
⇒ Tax Rate (%) = [tex]\frac{2883}{175000}[/tex] × 100
⇒ Tax Rate = 1.647428.... %
Rounding off to the nearest hundredth (i.e. till 2 decimal places):
Tax Rate = 1.65% [Since after 1.64 then next digit is 7, which is greater than 5, hence 4 will change to 5 when rounded off]
Hence, the answer is 1.65% tax rate was charged on the boat
