37905773
Description
Flashcards by Katrina Smith, updated more than 1 year ago
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Created by Katrina Smith
about 3 years ago
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| Question | Answer |
| Assessed Value | Value of a property that an assessor sets (usually a percent of property's market value) that is used in calculating property taxes. |
| Excise Tax | Tax that government levies on particular products and services. Tax on specific luxury items and nonessentials. |
| Mill | 1/10 of a cent or 1/1,000 of a dollar. In decimal, it is .001. In application: property tax due = Mills x 0.001 x assessed valuation. |
| Personal Property | Items of possession, like cars, home, furnishings, jewelry, and son on. These are taxed by the property tax (don't forget real property is also taxed) |
| 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. |
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