For a downtown redevelopment project, the city of Macon turned a 10-block area into an outdoor mall, including trees, fountains, benches, gardens, and brick walkways. Local merchants were assessed a 10% property tax based on the value of their property prior to improvements. The tax treatment of the property tax for the property owners is Added to the property's adjusted basis. O Expensed over the next 3 years. O Fully deductible as a business expense. O An itemized deduction for individuals