Choose whether the statement as true/false:

Property taxes form 90 percent of the money that a Municipal Corporation earns.

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False

True

answer is A.

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Detailed Solution

The above present statement is true.
Property taxes form 90 percent of the money that a Municipal Corporation earns.
The wide range of functions that a Municipal Corporation performs requires lots and lots of money. The Corporation earns this money in different ways. Most importantly, it collects taxes from the people of the city who avail these services. For example, property tax is levied on the people who own some property within the city's boundaries. Although this is quite significant, it doesn't form more than 25 to 30 per cent of the total revenues of the Corporation. Other sources include taxes on water resources, education, etc.

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