Flashcards
Chapter 19 Key Terms
Cards in this deck (8)
- 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. In decimal, it is .001. In application: Property tax due = Mills * .001 * Valuation.
- 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 TaxTax 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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- Description
- Chapter 19 of Practical Business Math Procedures goes over sales, excise, and property taxes. It discusses property that is taxed, what taxes are designated to what, and sales tax.
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- Laney Feek
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