Given the Following Information, Compute the Property Tax Rate for the Community

Multiple Choice

Given the following information, compute the property tax rate for the community in percentage terms. Total budget expenditures: $108 million, Total non-property tax income: $50 million, Total assessed value of all properties: $2 billion, Total exemptions: $550 million.

A) 2.5%
B) 4.0%
C) 10.0%
D) 12.0%