Chapter 19 Key Terms

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

Resource summary

	Created by BRANDI MCCAMMON about 2 months ago