Choose if the given statement is True/False.

Property taxes contribute 25-30 % of the money that a Municipal corporation earns.

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True

False

answer is A.

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Detailed Solution

The given statement is true.
Property taxes contribute 25-30% of total revenue to the municipal corporation. Other taxes are levied by the local government: taxes for education, taxes from hotel workshops, etc. Providing and operating so many services requires a lot of money. The Constitution of India provides financial autonomy to the local bodies for revenue generation. They also get money or funds from their respective state and central governments. The municipal corporation collects this money in different ways. Residents of the city must pay property taxes, as well as taxes for water and other services.

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