<u>Option (A) is correct. The revenue from the property tax is used for public schools and other services.
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Further Explanation:
Property taxes:
Property tax is a local government tax which is imposed on the real estate owned within the jurisdictions. local government charges the property taxes annually. The rate of the property tax by the local government and the funds collected from the property taxes are the main source of local government's income. Real estate includes the land and buildings.
Use of revenue from property tax:
The local or state government collects the revenue of the property tax. Therefore, the application of fund is done by the local government. Local government uses the funds for the welfare of that specific state. They use it for the public services of the state such as public safety, funds distribution to local not-for-profit entity, distribution of the funds to school and colleges.
<u>Thus, the revenue is used for the public schools and other services.
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Justification for the current and incorrect option:
A.
Public schools and other services: This is the correct option. The state government will spend the funds for the welfare of the state.
B.
Highway repairs and pollution controls: This is an incorrect option. Federal government deals with the highway repair.
C.
Social Security and Medicare: This is an incorrect option. This public service comes under the authority of federal government.
D.
Medical research and development: This is an incorrect option. This public service comes under the authority of the federal government.
Learn more:
1. Learn more about the state income tax
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2. Learn more about the profit from the sales of the property
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3. Learn more about the components of the rental housing agreement
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Answer details:
Grade: Senior School
Subject: Taxation
Chapter: Property Tax
Keywords: Revenue, from, property, taxes, is, used, to, fund, public, schools, and, other, services, highway, repairs, and, pollution controls, Social, Security, and Medicare, medical, research, and development.
