39904165
Description
Flashcards by lekia Idigima, updated about 2 months ago
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Created by lekia Idigima
about 2 months ago
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| 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 x .001 x Assessed valuation. |
| Personal Property | Ites 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 | A tax that raises revenue for school districts, cities, counties, and the like. |
| Real Property | Land, buildings, and so on, which are txed 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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