Centralton needs to have an income of $2,560,000. the total property is valued for taxation at $80,000,000. The tax rate can be solved by dividing the income by the total property that is valued for taxation. Which is equal to of $2,560,000/80,000,000 = 3.2%
Answer:
The tax rate is 3.2%
Explanation:
Income needed: $2,560,000
Property value: $80,000,000
To determine the tax rate, the rule of three can be applied.
As the tax rate is a percentage of the property value, this value represents 100%, so:
$80,000,000 → 100%
$2,560,000 → x
x= ($2,560,000*100%)/$80,000,000= 3,2%
