CATEGORY 1
This tax is imposed on land and buildings.
What is real property tax?
A tax on the profits of businesses and earnings of individuals.
What is income tax?
This tax is levied on the retail price of goods and services at sale time.
What is sales tax?
This tax applies to movable possessions like furniture and machinery.
What is personal property tax?
A sales tax applied only to specific goods such as cigarettes or gasoline.
What is excise tax?
This type of tax rate decreases as the taxable amount increases.
What is regressive tax?
The value of property determined by tax officials for taxation purposes.
What is assessed valuation?
This tax is based on the ability to pay, increasing with higher income.
What is progressive tax?
A tax rate that stays the same regardless of income or amount taxed.
What is proportional tax or flat tax?