Flashcards
Chapter 19
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 1/1000 of a dollar. In decimal, it is .001. In application:
Property Tax Due = Mill x .001 x Assessed Valuation. - 4Personal PropertyItems of possession, like cars, home, furnishings, jewelry, and so on. These are taxed by the property tax (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