38875583
Description
Flashcards by Brooke Young, updated more than 1 year ago
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Created by Brooke Young
over 1 year ago
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| Question | Answer |
| Sales tax | Tax levied on consumers for certain sales of merchandise or services by states, counties, or various local governments |
| Excise tax | Tax that government levies on particular products and services. Tax on specific luxury items or nonessentials |
| 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 |
| Property tax | Tax that raises revenue for school districts, cities, counties, and the like |
| Mill | 1/10 of a cent or 1/1,000 of a dollar. In decimal, it is .001. In application : Property tax due = Mills x .001 x Assessed 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 taxed also). |
| Real Property | Land, buildings and so on, which are taxed by the property tax. |
| Tax Rate | Budget needed/Total assessed value |
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