Ch. 19 - Sales, Excise and Property Tax

Question	Answer
Sales tax	Tax levied on consumers for certain sales of merchandise or services by states, counties, or various local governments
Excise tax	Tax that government levies on particular products and services. Tax on specific luxury items or nonessentials
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
Property tax	Tax that raises revenue for school districts, cities, counties, and the like
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 .001 x Assessed valuation
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 taxed also).
Real Property	Land, buildings and so on, which are taxed by the property tax.
Tax Rate	Budget needed/Total assessed value

Resource summary

	Created by Brooke Young over 1 year ago