Property in Dry Gultch County is assessed at $305,000,000. The taxes to be raised are $13,750,000.
What is the tax rate?
The tax rate is obtained by dividing the amount of the taxes be raised by the cost of the property. Then, multiply the quotient by 100%. The operations are shown below,
($13,750,000) / ($305,000,000) x 100%
The answer is approximately equal to 4.5%. Thus, the answer is letter B.