Final answer:
The most accurate statement is that taxes generate well over one-half the total revenue of local and state governments, which indicates a diverse range of revenue sources beyond just property taxes.
Step-by-step explanation:
Understanding the Sources of Revenue for Local and State Governments
The question of whether gross income must have as its source services income or earnings from property is more nuanced in the context of local and state government revenues. While it is true that income for individuals generally must come from services rendered or property earnings, the revenue for local and state governments is more diverse. As per the choices provided in the question:
Taxes generate well over one-half the total revenue of local and state governments.
Property taxes generate the most tax revenue for both local and state governments.
Between 30 and 40 percent of the revenue for local and state governments comes from grant money.
Local and state governments generate an equal amount of revenue from issuing licenses and certificates.
The most accurate statement about the sources of revenue for local and state governments is that taxes generate well over one-half the total revenue of local and state governments. This includes income not only from property taxes but also from sales taxes, income taxes, and various other fees and licenses.