Question

question 4 of 6. step 1 of 1
the property taxes on a business office were $3000. what was the tax rate if the business office was valued at $200,000? follow the problem - solving process and round your answer to the nearest hundredth of a percent if necessary.
answer
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Explanation:

Step1: Recall tax rate formula

Tax rate $r$ is calculated as $\frac{\text{Tax Amount}}{\text{Property Value}} \times 100\%$. Here, tax amount is $\$3000$, property value is $\$200000$.

Step2: Substitute values into formula

$r = \frac{3000}{200000} \times 100\%$. Calculate $\frac{3000}{200000}=0.015$. Then multiply by $100\%$: $0.015\times 100\% = 1.5\%$.

Answer:

$1.5\%$