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Practical Business Math Procedures - Chapter 19 Key Terms Flash Cards
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- 1Assessed valueValue of a property that an assessor sets (usually a percent of property's market value) that is used in calculating property taxes.
- 2Excise taxTax that government levies on particular products and services. Tax on specific luxury items or nonessentials.
- 3Mill1/10 of a cent or 1/1,000 of a dollar (.001 in decimal form).
- 4Personal propertyItems of possession, like cars, home, furnishings, jewelry, and so on. These are taxed by the property tax (don't forget real property is also taxed).
- 5Property taxA tax that raises revenue for school districts, cities, counties, and the like.
- 6Real propertyLand, buildings, and so on, which are taxed by the property tax.
- 7Sales taxTax levied on consumers for certain sales of merchandise or services by states, counties, or various local governments.
- 8Tax rateBudget needed / Total assessed value.
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- Flash cards for the Key Terms section of Practical Business Math Procedures Chapter 19.
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- DANIEL OLDHAM
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