Chapter 19 Key Terms

Question	Answer
Assessed Value	Value of a property that an assessor sets that is used in calculating property taxes
Excise Tax	Tax that government levies on particular products and services. tax on specific luxury items or nonessentials
Mill	1/10 of a cent or 1/1000 of a dollar. In decimal, it is .002. In application: Property tax due= Mills x .001 x Assessed valuation
Personal Property	Items of possession, like cars, home, furnishings, jewelry, and so on. these are taxed by the property tax
Property Tax	A tax that raises revenue for school districts, cities, counties, and the like
Real property	Land, buildings, and so on, which are taxed by the property tax
Sales Tax	tax levied on consumers for certain sales of merchandise or services by states, counties or various local governments
Tax rate	Budget needed/Total assessed value

Resource summary

	Created by Eli Southard over 1 year ago