What type of revenue is associated with taxes on personal property or grants?

The correct answer is associated with non-operating revenue. This type of revenue typically encompasses funds that are not generated from the main activities of an airport or aviation-related operations. Taxes on personal property, as well as grants, fall into this category because they are not directly related to the day-to-day operations of the airport, such as landing fees or passenger service fees. Instead, they represent external sources of income that support the airport's overall budget.

In contrast, other types of revenue relate to the core operations of the airport. Aeronautical revenue would come from activities directly linked to aircraft operations, such as landing and takeoff fees. Non-aeronautical revenue usually pertains to business activities that support or are ancillary to aeronautical operations, like retail concessions and parking fees. Terminal revenue might refer specifically to income generated from terminal operations. Thus, identifying taxes on personal property or grants as non-operating revenue provides clarity on the nature of these income sources and their role in the financial structure of airport operations.