BUSINESS ADMINISTRATION
BUSINESS MATHEMATICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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tax rate
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market value
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medical coverage
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replacement value
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Detailed explanation-1: -Definition: For the purpose of taxation, a property is assessed for its monetary worth. This ascertained price is known as assessed value. Description: This assessment is done at an annual basis, considering factors such as property values and market conditions in the neighboring areas.
Detailed explanation-2: -A millage rate is the rate at which property taxes are levied on property. Property taxes are computed by multiplying the taxable value of the property by the number of mills levied, where a mill is 1/1000 of a dollar.
Detailed explanation-3: -A specific excise tax is levied based on quantity. An ad valorem excise is levied based on the value. It is thus proportional to the particular quantity of a product sold, regardless of its price. Excise taxes, for instance, fall into this tax category. It is a charge based on a fixed percentage of the product value.