Discussion Question 1-11 Ad Valorem Tax on Realty - Effect of Valuation Reassessment (LO. 4) The Williams family made significant improvements to their personal residence and then converted it to a bed-and-breakfast facility. They were surprised when the property taxes on the residence were raised twice. Which of the following probably happened? Select "Yes or No", whichever is applicable. a. Under their state property law, the property is subject to a conservation easement (i.e., a limitation on further development). SelectYesNo b. Under their state property law, any capital improvements are classified as personalty (personal property). SelectYesNo c. Under their state property law, any capital improvements are classified as fixtures. SelectYesNo d. Under their state property law, income-producing property is appraised at a higher amount than non-income-producing property. SelectYesNo