A 245/50R16 tire is 25.6 inches (651 mm) tall and 9.6 inches wide. The sidewall is 50% of the width, 4.8 inches, on a 16-inch wheel, and the tire turns about 786 times per mile.
In flotation terms that is about 25.6x9.6R16. People often call it a 26-inch tire.
The size most often compared with it is 225/50R16, which is 0.8" shorter (−3.1%). At an indicated 60 mph you would be doing 58.2 mph on it, more than the 3% change many shops use as a limit.