38875393
Description
Flashcards by JOHNA THARP, updated more than 1 year ago
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Created by JOHNA THARP
over 1 year 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 1/1,000 of a dollar. |
| Personal property | Possessions like jewelry, autos, furniture, etc. |
| Property tax | Tax that raises revenue for school districts, cities, counties, and the like. |
| Real property | Land, buildings, etc. |
| 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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