Chapter 19 key terms

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 and nonessentials.
Mill	1/10 of a cent or 1/1,000 of a dollar. In decimal, it is .001. In application: property tax due = Mills x 0.001 x assessed valuation.
Personal Property	Items of possession, like cars, home, furnishings, jewelry, and son on. These are taxed by the property tax (don't forget real property is also taxed)
Property Tax	A 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.

Resource summary

	Created by Katrina Smith about 2 years ago