Final answer:
The conveyance tax is collected by local governments to cover the cost of property transfers. The correct option is 3) To cover the cost of property transfers.
Step-by-step explanation:
The conveyance tax is a tax imposed on the transfer of property, such as real estate. It is commonly collected by local governments to cover the cost of property transfers.
Property taxes, on the other hand, are usually based on the value of real estate held by an individual or corporation. They are a local tax and are used to fund the activities of the local government, such as maintaining public parks and providing common services like police or fire departments.
Based on the information provided, none of the options mentioned regarding the purpose of the conveyance tax are accurate. Option 1 (funding public schools), Option 2 (maintaining public parks), and Option 4 (supporting local healthcare facilities) are not true regarding the conveyance tax.
The true answer regarding the conveyance tax would be Option 3: To cover the cost of property transfers.