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 or 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 * .001 * 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 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

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	Created by Laney Feek about 2 months ago