What are property taxes based on quizlet?
The property taxes are based on the assessed value of the property. Portion of your tax bill that is not school tax. Taxes that pay for public improvements such as new sewers, streetlights, etc. Only property owners who benefit from an improvement are required to pay their share of it.
What is a tax base quizlet?
tax base. something that is taxed, such as personal income or a piece of property. proportional tax. a tax that takes the same share of income at all income levels.
What is the tax base for the sales tax quizlet?
The tax base for a sales tax is the retail sales of goods and some services. The tax base for the use tax is the retail price of goods owned, possessed, or consumed within a state that were not purchased within the state.
Which two terms do not go together?
An oxymoron is defined as a contradiction in terms. In other words, an oxymoron is a figure of speech in which two opposite ideas are joined to create an effect.
What are the two primary types of property tax?
Terms in this set (34) Real property taxation is a primary source of revenue for state and local governments. … Ad valorem taxes are based on the value of land and the improvements to the land. “Ad valorem” is a Latin term which means “according to valuation.”
Which tax is an excise tax quizlet?
An excise tax is a tax on sales of a good or service. The excise tax drives a wedge between price payed by consumers and that received by producers leading to a fall in the quantity transacted.
What is income received by a government from taxes and nontax sources?
Government revenue or National revenue is money received by a government from taxes and non-tax sources to enable it to undertake government expenditures. Government revenue as well as government spending are components of the government budget and important tools of the government’s fiscal policy.
What is the purpose of property tax?
Like most other taxes, property tax is imposed by government to generate money for a public purpose. It is compulsory and enforceable by law.