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The five sources of local government revenue are:
Local governments are extensions of state governments and exercise the powers vested in them under the Constitution.
Local government revenues are local government budgets drawn from various sources.
Local government revenues are income taxes, property taxes, excise taxes, interstate transfers and subsidies, government service fees, fines imposed by local ordinances for violators, and utilities, hospital fees, and community college tuition fees. .
Wealth tax is a tax paid by citizens on their wealth. It is one of the largest single sources of government revenue. Both personal residences and commercial properties (companies) are subject to property tax. These taxes are either proportional or flat. That is, a fixed tax per dollar based on the value of the property, which does not change based on the total value. Sales tax used on all non-essential purchases will also be prorated. Therefore, both low-income and wealthy individuals pay the same rates of property and sales taxes.
2. Intergovernmental revenue refers to the flow of funds from one level of government to another. No-repayment grants help state and local governments provide public services. However, to receive the grant, state and local governments must comply with federal guidelines and fully describe their current and planned use of the grant. Federal grants are usually given to states to subsidize Medicaid (medical care for people living in poverty), highways, and welfare programs.
3. Utility income refers to income earned by local governments from providing public utilities such as water, electricity and gas. State governments do not profit much from the provision of these services, but this is one of their largest sources of income.
4. Sales tax refers to the amount received by a local government when a sale transaction takes place. Although it has a lower sales tax than the state government, it is still the fourth-largest source of revenue for local governments.
5. Other revenue sources include other streams of revenue that the local government might receive. For instance, they can receive income from engaging in debt, such as selling municipal bonds.
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