Final answer:
The statement regarding the recognition of property taxes as revenues in the 2014 General Fund is false because they are recognized in the fiscal year in which they are available and measurable, not necessarily the year they are billed.
Step-by-step explanation:
Property taxes due 75 days after the end of the 2014 fiscal year would not be recognized in 2014 as revenues in the General Fund general journal. This statement is false. The fiscal year for state and local governments typically begins on October 1 and ends on September 30 of the following year. Revenues are recognized in the fiscal year in which they are both available and measurable. In this case, because the property taxes are due after the conclusion of the 2014 fiscal year, they would be recognized in the subsequent fiscal year.
When analyzing the sources of revenue for local and state governments, we find that the property tax is indeed a significant source of revenue, particularly for local governments, where it accounted for about 72 percent of their total tax revenue in 2018. It is important to note that state and local budgets must carefully balance revenues, such as taxes and grants, against expenditures to provide services and programs.