real world math problem

Question

A school district's property tax rate rises from 2.5% to 2.7% to cover a $300,000 budge deficit (shortage of money). What is the value of the property in the school district to the nearest dollar? (Note: Property is assessed at 100% of its value.)

Answer 1

Since an increase in the property tax rate is 0.2% and it covers a $300,000 deficit (I assume completely), the total value of the property would be $300,000 divided by 0.2% = 0.002, or

 

300,000/0.002 = $150,000,000 . That's 150 million dollars.