Central City needs to have an income of $3,560,000. The total property is valued for taxation at $92,000,000. What is the tax rate?%

3.87%

Explanation:

Data provided in the question:

Income needed by the central city = $3,560,000

Total Value of the property for the taxation = $92,000,000

Now,

The income needed by the central city = Tax collected

or

The income needed by the central city = Total Value of the property for the taxation * Tax rate

or

$3,560,000 = $92,000,000 * Tax rate

or

Tax rate = $3,560,000 : $92,000,000

or

Tax rate = 0.0387

or

Tax rate = 0.0387 * 100%

= 3.87%