Answer :
Answer:
The tax rate is 4%.
Step-by-step explanation:
It is given that the property in Live Oak County is assessed at $250,000,000.
The total amount of tax raised on property is $10,000,000.
Let the tax rate be x%.
Since the rate of tax is x%, therefore x% of $250,000,000 is equal to $10,000,000.
[tex]250,000,000\times \frac{x}{100}=10,000,000[/tex]
[tex]2,500,000\times x=10,000,000[/tex]
[tex]x=\frac{10,000,000}{2,500,000}[/tex]
[tex]x=\frac{100}{25}[/tex]
[tex]x=4[/tex]
Therefore the tax rate is 4%.