Flashcards
Key Terms Chapter 19: Sales, Excise, and Property Taxes
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.
- 4Personal propertyPossessions like jewelry, autos, furniture, etc.
- 5Property taxTax that raises revenue for school districts, cities, counties, and the like.
- 6Real propertyLand, buildings, etc.
- 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