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Property Tax & Property Tax Rate
Business Math using Excel
11
Business
10th Grade
04/24/2012

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Cards

Term
Assessed Rate
Definition
An arbitrary rate set by the taxing body.
Term
Assessed Value
Definition
The amount of money for which property is listed in the public tax records for tax purposes.
Term
Assessor
Definition
The elected or appointed public official responsible for the collection of property tax.
Term
Levied
Definition
Ordered to be paid.
Term
Market Value
Definition
The amount of money property will bring in a competitive open market.
Term
Mill
Definition

A way tax rate is expressed;

1/10 of a cent (0.1) or

1/1000 of a dollar ($0.001).

Term
Personal Property
Definition
Possessions such as jewelry, autos, boats, and furniture.
Term
Property Tax
Definition
A tax imposed on a property owner to help fund public services such as fire and police protection, schools, and parks.
Term
Real Property
Definition
Property such as land and buildings.
Term
Tax
Definition
The amount of money paid by a property owner.
Term
Tax Rate
Definition
The percent set by the taxing body that is used to calculate tax owed.
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