Answer:
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%
