The property taxes on a boat were $375. What was the tax rate if the boat was valued at $75,000?

The property taxes on a boat were $375. What was the tax rate if the boat was valued at $75,000?

Tax Rate = Tax Amount / Purchase Price
Tax Rate = 375 / 75,000
Tax Rate = 0.005

Tax Rates are generally expressed in percentages, so the percentage = 0.005 * 100 = 0.5%.