If a jurisdiction has a total assessed property value of $50 million and property taxes of $4,500,000, what is the tax rate?

To determine the tax rate, you can use the formula:

Tax Rate = (Total Property Taxes / Total Assessed Property Value) × 100.

In this case, the total assessed property value is $50 million, and the total property taxes collected are $4,500,000. Plugging those figures into the formula gives:

Tax Rate = ($4,500,000 / $50,000,000) × 100 = 0.09 × 100 = 9%.

Thus, the tax rate is 9%. This indicates that for every dollar of assessed property value, $0.09 is collected in taxes, which corresponds to the answer provided.

Understanding this calculation is important, as it reflects how municipalities fund public services through property taxes, illustrating the practical impact of property assessments on community funding.