BUS 214 CH 19

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 1/1000 of a dollar. In decimal, it is .001. In application: Property tax due = mills * .001
Personal Property	Items of possession, like cars, home, furnishings, jewelry, and so on. These are taxed by the property tax (don't forget real property is also taxed)
Property Tax	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 JACOB FEDORCHIK almost 7 years ago