Which of the following statements is correct regarding the financial devolution and taxation powers of Municipal Corporations in Bihar under the Bihar Municipal Act, 2007?

Options:

• A: Municipal Corporations have absolute autonomy to levy any tax without state government approval
• B: The State Government can override the municipal corporation's power to levy property tax if it fails to implement the recommendations of the State Finance Commission
• C: Property tax assessment is entirely managed by the Central Valuation Board, leaving no role for the municipal corporation
• D: Municipal Corporations in Bihar are prohibited from raising loans from financial institutions or issuing municipal bonds

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