Chapter 19 key terms

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These are the key terms for Chapter 19
lekia Idigima
Flashcards by lekia Idigima, updated 3 months ago
lekia Idigima
Created by lekia Idigima 3 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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