Key Terms Chapter 19: Sales, Excise, and Property Taxes

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 or nonessentials.
Mill	1/10 of a cent or 1/1,000 of a dollar.
Personal property	Possessions like jewelry, autos, furniture, etc.
Property tax	Tax that raises revenue for school districts, cities, counties, and the like.
Real property	Land, buildings, etc.
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

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	Created by JOHNA THARP about 3 years ago