Toby and Betty Combs pay $8,719.38 in annual property taxes. Their home has a market value of $361,800.00 with a tax rate of 48.2 mills. What is the rate of assessment in their tax district?

The assessment rate in their tax district is 50%.

Step-by-step explanation:

Market value of their home = $361,800

Tax rate = 48.2 mills = 4.82%

Let's assume that the rate of investment be "r".

Assessed vale (AV) = $361,800 * r

Tax = 0.0482 * AV of $361,800 * r

Assessment rate (r) = $8,719.38 / (361,800*0.0482)

Assessment rate (r) = 50% (answer).