Question

A city has a property tax rate of 70 mills and an assessment level of 40%. What is the effective property tax rate? Round your answer to the nearest tenth of a percent.
Effective rate = Tax rate x Assessment level

hint: all numbers in equation should be in decimal form

Answer 1

Answer:

Mill rate is a tax rate-the amount of tax payable per dollar of the assessed value of a property. Mill is derived from the Latin word millesimum, meaning thousandth. As used in property tax, 1 mill is equal to $1 in property tax levied per $1,000 of a property's assessed value.