The county of Blue needs 800000 from property tax to meet it

The county of Blue needs $800,000 from property tax to meet its budget requirements. The total value of assessed property in Blue is $140,000,000. The tax rate of Blue in mills to nearest hundredth is (be sure to round the tax rate to the nearest hundred thousandth before converting to mills):

Solution

amount needed from property tax= 800000

total value of accessed property=140000000

Property tax in dollar terms is calculated by multiplying the assessed property value and the mill rate=x and dividing by 1,000

hence, value of property *tax rate = amount needed
140000000*x/1000 = 800000
x=5.7143 (mill rate)

as each mill is one-thousandth of a currency unit, one mill is equivalent to one-tenth of a cent or $0.001