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

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Chapter 19 key terms
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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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