39915200
Description
Flashcards by BRANDI MCCAMMON, updated 3 months ago
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Created by BRANDI MCCAMMON
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. |
| Personal Property | Items or 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, and counties. |
| Real Property | Land, buildings and son on which are taxed by the property tax. |
| Sales Tax | Tax levied on consumers for cetain sales of merchandise or services by states, counties, or various local governments. |
| Tax Rate | Budget needed / total assessed value |
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