What percentage of proceeds from real property taxes accrue to the General Fund of the city?

The correct answer indicates that 70% of the proceeds from real property taxes accrue to the General Fund of the city. This percentage reflects the common practice in local government finance where a significant portion of the revenue generated from real property taxes is allocated to the General Fund. The General Fund is essential for financing various municipal expenses such as public safety, infrastructure maintenance, and administrative costs.

Understanding this allocation is crucial for grasping how local governments manage their budgets and fund services that directly affect residents. The 70% share emphasizes the dependency of cities on real property taxes as a major revenue source, highlighting the importance of property tax in local fiscal policies and operations.