What is the significance of property tax in urban governance?

Property tax is a significant source of revenue for urban local bodies, such as Municipal Corporations, and plays a crucial role in urban governance. The tax is levied on property owners based on the value of their properties, including land and buildings. The funds collected from property taxes are used to improve infrastructure, maintain public services, and provide amenities like roads, water supply, sanitation, and street lighting. This tax helps local governments meet the growing demands of urban populations and ensure the development and upkeep of cities. It is also a key tool for ensuring accountability and the efficient use of urban resources.

This question related to Chapter 12 Social Science Class 6th NCERT.
From the Chapter 12. Grassroots Democracy — Part 3: Local Government in Urban AreasTheme E — Economic Life Around Us.
Give answer according to your understanding.