Answer:
The tax rate in percent is 2.5%.
Step-by-step explanation:
The formula for tax rate in percent is
\(\text{Tax rate in percent}=\frac{\text{Tax requirement}}{\text{Tax base}}\times 100\)
Given information: Station City has a total assessed valuation of $200,000,000. The budget of the city is $5,000,000. Here
\(\text{Tax rate in percent}=\frac{\text{Budget}}{\text{Total assessed valuation}}\times 100\)
\(\text{Tax rate in percent}=\frac{5,000,000}{200,000,000}\times 100\)
\(\text{Tax rate in percent}=2.5\)
Therefore the tax rate in percent is 2.5%.
