The property taxes on a business office were $3450$3450. What was the tax rate if the business office was valued at $230,000$230,000? Follow the problem-solving process and round your answer to the nearest hundredth of a percent, if necessary.
Question
The property taxes on a business office were 3450. What was the tax rate if the business office was valued at 230,000? Follow the problem-solving process and round your answer to the nearest hundredth of a percent, if necessary.
Solution
Step 1: Understand the problem We are asked to find the tax rate. We know the amount of property taxes paid (230,000).
Step 2: Devise a plan The tax rate can be found by dividing the amount of taxes paid by the value of the property and then multiplying by 100 to get a percentage.
Step 3: Carry out the plan Divide 230,000 to get 0.015. Multiply 0.015 by 100 to get 1.5.
Step 4: Look back The tax rate on the business office was 1.5%.
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