To calculate the Property Tax Rate:
\[ \text{PTR} = \left(\frac{\text{PT}}{\text{V}}\right) \times 100 \]
Where:
The property tax rate is the percentage of the property's value that is paid in taxes each year. It is calculated by dividing the annual property tax amount by the property value and then multiplying the result by 100 to get a percentage. This rate helps property owners understand how much they will owe in taxes relative to the value of their property.
Let's assume the annual property tax is $2,500 and the property value is $250,000.
Using the formula:
\[ \text{PTR} = \left(\frac{2,500}{250,000}\right) \times 100 = 1\% \]
The property tax rate is 1%.
