Tax Rate Law and Legal Definition

Tax rate is the rate at which a business or person is taxed on income or the rate of tax on the value of a good, service or asset paid as tax.

The following is an example of a state statute (Missouri) on tax rate:

§ 137.073 R.S.Mo. Tax rate includes the tax rate for each purpose of taxation of property a taxing authority is authorized to levy without a vote and any tax rate authorized by election, including bond interest and sinking fund.