Flashcards
Ch. 19 - Sales, Excise and Property Tax
Cards in this deck (8)
- 1Sales taxTax levied on consumers for certain sales of merchandise or services by states, counties, or various local governments
- 2Excise taxTax that government levies on particular products and services. Tax on specific luxury items or nonessentials
- 3Assessed valueValue of a property that an assessor sets (usually a percent of property’s market value) that is used in calculating property taxes
- 4Property taxTax that raises revenue for school districts, cities, counties, and the like
- 5Mill1/10 of a cent or 1/1,000 of a dollar. In decimal, it is .001. In application : Property tax due = Mills x .001 x Assessed valuation
- 6Personal PropertyItems of possession like cars, home, furnishings, jewelry and so on. These are taxed by the property tax (don't forget real property is taxed also).
- 7Real PropertyLand, buildings and so on, which are taxed by the property tax.
- 8Tax RateBudget needed/Total assessed value
Information
- Description
- Sales and Excise taxes, Property taxes and how to calculate
- Created by
- Brooke Young
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