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Urban local bodies generally raise funds through a combination of sources, including property taxes, service charges, and grants from state and central governments. Property taxes are a primary revenue source, collected from residents and businesses based on the value of their properties. Local bodies may also impose fees for various services, such as waste management and water supply, to generate additional income. Furthermore, urban local bodies can access financial assistance through schemes and grants aimed at promoting urban development and infrastructure improvement. This diversified funding approach enables them to effectively manage civic services and undertake development projects.
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Urban local bodies raise funds through several methods, including the collection of local taxes such as property tax, water tax, and taxes on businesses. They also generate revenue by imposing fines for violations of municipal regulations, such as traffic rules or waste disposal guidelines. Additionally, urban local bodies offer paid services, such as issuing permits and providing utilities like water and electricity, to further support their financial needs. These funds are essential for maintaining public services, infrastructure, and ensuring the efficient functioning of the city or town. Therefore option 2 is correct answer.
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